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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. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
novation
defalcation
power of attorney
incidental damages
2. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
negotiation
judicial review
e-evidence
small claims court
3. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.
corporate governance
summons
parol evidence rule
motion for a directed verdict
4. The use of an asset that is not the subject of a loan to collateralize that loan.
cross-collateralization
holographic will
sole proprietorship
delegator
5. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d
award
secondary boycott
disparate-treatment discrimination
testamentary trust
6. A type of limited liability partnership owned by family members or fiduciaries of family members.
firm offer
family limited liability partnership (FLLP)
partnering agreement
testate
7. A revocable right or privilege of a person to come onto another person's land.
short-form merger
license
diversity of citizenship
order instrument
8. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
generally accepted auditing standards (GAAS)
burglary
utilitarianism
consumer-debtor
9. 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.
cost-benefit analysis
sales contract
artisan's lien
condition
10. A writ from a higher court asking the lower court for the record of a case.
distribution agreement
testamentary trust
employment discrimination
writ of certiorari
11. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
limited liability company (LLC)
insurable interest
disparate-treatment discrimination
right-to-work law
12. A person to whom a promise is made.
drawer
quota
promisee
disclosed principal
13. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
market-share liability
backdating
intellectual property
discovery
14. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
tangible employment action
check
codicil
lessee
15. Procedurally - a plaintiff's response to a defendant's answer.
scienter
automatic stay
restitution
reply
16. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
devisee
gift inter vivos
levy
depositary bank
17. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
inter vivos trust
online dispute resolution (ODR)
seniority system
recording statutes
18. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
offer
target corporation
firm offer
conveyance
19. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
patent
appraisal right
due diligence
agreement
20. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
standing to sue
beyond a reasonable doubt
common stock
utilitarianism
21. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
reformation
testator
duress
quitclaim deed
22. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
fee simple absolute
financing statement
deficiency judgment
execution
23. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
cashier's check
penalty
shrink-wrap agreement
fixture
24. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
e-agent
clearinghouse
felony
standing to sue
25. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
tombstone ad
estopped
motion for a new trial
fiduciary
26. Goods that conform to contract specifications.
firm offer
identification
identity theft
conforming goods
27. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
due diligence
deficiency judgment
click-on agreement
garnishment
28. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
actus reus
consumer-debtor
insurable interest
trademark
29. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
employment at will
release
unreasonably dangerous product
computer crime
30. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
eminent domain
accession
self-incrimination
close corporation
31. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
forbearance
executory contract
service mark
liquidated damages
32. 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
independent contractor
online dispute resolution (ODR)
self-defense
33. Information or processes that give a business an advantage over competitors that do not know the information or processes.
trade secret
stock options
arbitration
charitable trust
34. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
patent
tender of delivery
tangible property
collecting bank
35. All forms of personal property.
anticipatory repudiation
chattel
motion for judgment n.o.v.
destination contract
36. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
suretyship
presentment warranties
guarantor
intended beneficiary
37. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
standing to sue
debtor in possession (DIP)
petty offense
negotiable instrument
38. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
articles of incorporation
formal contract
security interest
summons
39. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
operating agreement
employment contract
mortgage
deposition
40. 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
negotiation
seniority system
bounty payment
collective mark
41. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
consumer-debtor
normal trade relations (NTR) status
disclosed principal
long arm statute
42. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
franchisee
mitigation of damages
workout
legacy
43. 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
motion for judgment n.o.v.
per stirpes
articles of incorporation
burglary
44. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
employment discrimination
protected class
implied-in-fact contract
promisee
45. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).
question of fact
actus reus
bond indenture
working papers
46. Generally - the value given in return for a promise; involves two elements
payee
felony
tenancy at sufferance
consideration
47. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
nominal damages
fixed-term tenancy
collective mark
plea bargaining
48. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
motion for judgment n.o.v.
due diligence
cyber crime
alternative dispute resolution (ADR)
49. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.
cashier's check
litigation
dissociation
constructive eviction
50. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
bounty payment
affirmative action
gift causa mortis
information