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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 form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
third party beneficiary
release
operating agreement
disparate-impact discrimination
2. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
default
dissociation
conveyance
venture capital
3. 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
complaint
parol evidence rule
insurable interest
unilateral mistake
4. The relationship that exists between the promisor and the promisee of a contract.
Regulation E
privity of contract
shelter principle
constructive trust
5. An agreement by two or more persons to carry on - as co-owners - a business for profit.
consolidation
entrustment rule
principle of rights
partnership
6. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
holder in due course (HDC)
bounty payment
tombstone ad
equal dignity rule
7. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
default
agreement
express warranty
summary jury trial (SJT)
8. 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.
robbery
digital cash
justiciable controversy
workout
9. A person to whom a promise is made.
felony
will substitutes
promisee
writ of attachment
10. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
implied-in-fact contract
purchase-money security interest (PMSI)
contractual capacity
U.S. trustee
11. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
concurrent conditions
self-incrimination
maker
information return
12. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
adhesion contract
community property
partnering agreement
cross-collateralization
13. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
comity
information return
spendthrift trust
e-evidence
14. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif
Statute of Frauds
mens rea
reply
preference
15. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
nuncupative will
indictment
predominant-factor test
ratification
16. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.
holder
pledge
nuncupative will
confiscation
17. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.
employment at will
certification mark
I-9 verification
answer
18. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
answer
unilateral contract
limited liability company (LLC)
choice-of-language clause
19. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
condemnation
promissory estoppel
acceptance
imposter
20. The authority of a court to hear and decide a specific case.
covenant not to compete
forum-selection clause
jurisdiction
consolidation
21. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
ultra vires
restitution
bankruptcy court
surety
22. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
nuncupative will
anticipatory repudiation
requirements contract
employment discrimination
23. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
securities
fiduciary
gift inter vivos
limited partner
24. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
small claims court
constructive delivery
insurable interest
confusion
25. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
e-agent
private equity capital
plea bargaining
robbery
26. 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.
collective mark
click-on agreement
devise
trade dress
27. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
counterclaim
tender
voidable contract
award
28. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
consent
intestacy laws
browse-wrap terms
formal contract
29. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
foreign corporation
workout
counteroffer
forum-selection clause
30. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.
underwriter
universal defenses
arson
brief
31. Within a specified time period or - if no period is specified - within a reasonable time.
question of fact
Totten trust
joint and several liability
seasonably
32. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
normal trade relations (NTR) status
order instrument
scienter
cybersquatting
33. 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.
adverse possession
insurance
restitution
merchant
34. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
legatee
joint tenancy
distribution agreement
proceeds
35. A set limit on the amount of goods that can be imported.
artisan's lien
quota
express warranty
accord and satisfaction
36. 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.
generally accepted auditing standards (GAAS)
debtor in possession (DIP)
e-contract
holographic will
37. 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.
outside director
offeree
default judgment
intestacy laws
38. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
stored-value card
dividend
interrogatories
writ of attachment
39. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
information return
personal defenses
probate
constructive delivery
40. A contract that has been completely performed by both parties.
eviction
executed contract
Totten trust
obligor
41. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
consequential damages
double jeopardy
independent contractor
output contract
42. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
respondeat superior
fee simple
insolvent
purchase-money security interest (PMSI)
43. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
articles of partnership
community property
offer
right of contribution
44. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.
presentment
treaty
vesting
insurable interest
45. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
information return
vicarious liability
per stirpes
stop-payment order
46. An order by a bank customer to his or her bank not to pay or certify a certain check.
mislaid property
closed shop
stop-payment order
per stirpes
47. A promise or commitment to perform or refrain from performing some specified act in the future.
dumping
sale on approval
offer
discharge
48. 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
foreign corporation
self-incrimination
cease-and-desist order
ratification
49. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
embezzlement
intangible property
patent
mitigation of damages
50. The use of an asset that is not the subject of a loan to collateralize that loan.
tenancy by the entirety
bond indenture
nuncupative will
cross-collateralization