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Test your basic knowledge |
Business Law Fundamentals
Start Test
Study First
Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
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 defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
bona fide occupational qualification (BFOQ)
assignor
universal defenses
business necessity
2. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
collateral
condition
ethical reasoning
predominant-factor test
3. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
federal question
Regulation E
attachment
exclusionary rule
4. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
Regulation E
correspondent bank
dissolution
larceny
5. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
petty offense
venture capital
grand jury
adverse possession
6. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
depositary bank
malpractice
motion for a new trial
7. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
tangible employment action
certificate of limited partnership
firm offer
security
8. 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.
probable cause
check
venture capital
intended beneficiary
9. A gift of personal property by will (from the verb to bequeath).
acceptor
presentment
whistleblowing
bequest
10. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
joint and several liability
exclusive jurisdiction
independent contractor
leasehold estate
11. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
license
grand jury
burglary
12. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
tombstone ad
business ethics
money laundering
seniority system
13. A person who receives inside information.
tippee
leasehold estate
bearer instrument
periodic tenancy
14. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
motion for judgment n.o.v.
undisclosed principal
check
partially disclosed principal
15. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
property
right of reimbursement
franchisee
lessee
16. A check - other than a certified check - that is presented for payment more than six months after its date.
acceptance
insurable interest
preferred creditor
stale check
17. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.
mortgagee
union shop
backdating
exclusive jurisdiction
18. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
intestacy laws
insurable interest
execution
private equity capital
19. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
vicarious liability
tenancy in common
duress
delegatee
20. 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.
dumping
emancipation
revocation
quorum
21. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
option contract
digital cash
copyright
trade secret
22. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
bailor
choice-of-law clause
expropriation
fungible goods
23. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
entrapment
floating lien
mechanic's lien
restitution
24. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
per stirpes
hacker
vicarious liability
adhesion contract
25. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
petition in bankruptcy
patent
bona fide occupational qualification (BFOQ)
watered stock
26. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
life estate
Federal Reserve System
resulting trust
dividend
27. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
joint and several liability
mutual fund
articles of partnership
will substitutes
28. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
bearer instrument
insurance
copyright
common stock
29. One to whom an obligation is owed.
order for relief
obligee
member
writ of attachment
30. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
condition
insurable interest
treaty
shipment contract
31. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
unilateral contract
Totten trust
destination contract
breach of contract
32. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
cram-down provision
preemptive rights
dissolution
codicil
33. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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34. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.
bankruptcy court
preferred creditor
partnering agreement
comity
35. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
acceptance
trade secret
promissory estoppel
interrogatories
36. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
cure
smart card
tenancy at will
constructive discharge
37. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
taking
proceeds
duress
independent contractor
38. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
sexual harassment
e-contract
investment company
tenancy in common
39. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
civil law system
fictitious payee
testate
debtor in possession (DIP)
40. A set of governing rules adopted by a corporation or other association.
artisan's lien
dividend
common stock
bylaws
41. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p
tenancy by the entirety
preference
concurrent ownership
mitigation of damages
42. A contract having no legal force or binding effect.
browse-wrap terms
void contract
covenant not to compete
proceeds
43. A provision in a contract stipulating that certain unforeseen events
promissory estoppel
I-9 verification
force majeure clause
browse-wrap terms
44. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
alienation
acceptor
partnering agreement
e-agent
45. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.
workers' compensation laws
venture capital
Totten trust
free-writing prospectus
46. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
adhesion contract
impossibility of performance
hot-cargo agreement
incidental beneficiary
47. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
limited liability limited partnership (LLLP)
sales contract
insurance
acceptance
48. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
reformation
delegator
signature
accord and satisfaction
49. A contract that is formed electronically.
e-contract
smart card
holding company
abandoned property
50. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
burglary
acceptance
robbery
ethics