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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.
trade dress
international organization
free-writing prospectus
tenancy at will
2. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
right of reimbursement
concurrent ownership
rule of four
predominant-factor test
3. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
voir dire
petty offense
accredited investors
target corporation
4. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
misdemeanor
dissolution
concurrent conditions
acceptance
5. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
employment contract
debtor in possession (DIP)
concurrent jurisdiction
stale check
6. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
complaint
arson
creditors' composition agreement
crime
7. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
lessor
insurable interest
dissolution
output contract
8. The relationship that exists between the promisor and the promisee of a contract.
workout
privity of contract
fungible goods
utilitarianism
9. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
federal question
long arm statute
force majeure clause
legatee
10. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
Regulation E
product liability
letter of credit
testator
11. A public official authorized to attest to the authenticity of signatures.
drawer
incidental damages
notary public
surety
12. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv
S corporation
legatee
service mark
unconscionable contract or clause
13. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
ultra vires
search warrant
cure
periodic tenancy
14. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
incidental beneficiary
community property
plea bargaining
course of performance
15. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
collateral promise
unconscionable contract or clause
venture capital
nuncupative will
16. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
joint tenancy
winding up
valid contract
motion for judgment on the pleadings
17. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
devise
shipment contract
S corporation
identification
18. One who entrusts goods to a bailee.
bailor
trade name
e-money
periodic tenancy
19. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
purchase-money security interest (PMSI)
categorical imperative
exclusive distributorship
diversity of citizenship
20. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
acceptance
certificate of deposit (CD)
deed
distribution agreement
21. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
malpractice
peer-to-peer (P2P) networking
workers' compensation laws
limited liability company (LLC)
22. A type of limited liability partnership owned by family members or fiduciaries of family members.
eviction
security
family limited liability partnership (FLLP)
insolvent
23. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
obligor
clearinghouse
tariff
option contract
24. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
attachment
frustration of purpose
exclusionary rule
act of state doctrine
25. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
winding up
quota
certificate of limited partnership
question of law
26. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
service mark
tenancy at sufferance
holder
prospectus
27. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
conforming goods
certified check
presentment warranties
collective mark
28. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
tenancy by the entirety
risk
bailor
levy
29. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
jurisdiction
acceptance
forum-selection clause
negotiation
30. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.
categorical imperative
Regulation E
beyond a reasonable doubt
right of contribution
31. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.
counteroffer
undisclosed principal
homestead exemption
usage of trade
32. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
accession
independent contractor
tenancy at will
per capita
33. A contract that is formed electronically.
prospectus
protected class
motion for judgment n.o.v.
e-contract
34. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
affirmative action
online dispute resolution (ODR)
e-evidence
gift inter vivos
35. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
debtor in possession (DIP)
articles of incorporation
e-agent
deficiency judgment
36. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
document of title
ethical reasoning
impossibility of performance
motion for judgment n.o.v.
37. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
disclosed principal
prima facie case
stock options
administrator
38. The bank on which a check is drawn (the drawee bank).
payor bank
distribution agreement
license
fee simple
39. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
legacy
petty offense
scienter
probate court
40. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
attachment
employment at will
delegator
respondeat superior
41. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
identity theft
choice-of-law clause
expropriation
probate court
42. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
integrated contract
generally accepted accounting principles (GAAP)
dishonor
scienter
43. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
nominal damages
mortgagee
grand jury
entrustment rule
44. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
firm offer
distributed network
principle of rights
fungible goods
45. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
emancipation
forum-selection clause
penalty
after-acquired property
46. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.
blue sky laws
arson
undisclosed principal
condition
47. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
piercing the corporate veil
mirror image rule
backdating
intellectual property
48. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
gift causa mortis
union shop
will substitutes
covenant not to compete
49. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
binder
revocation
voidable contract
usury
50. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
short-form merger
right of contribution
generally accepted auditing standards (GAAS)
partnering agreement
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