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FBLA Business Law Test 4
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FBLA Business Law Test 4
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25 Questions

1. A corporation that does not exist in law but does exist in fact is called a(n):
2. A _____________is a partnership with at least one general partner and one limited partner.
3. The partner whose potential liability is restricted to his or her investment in the partnership is a(n):
4. Which statement is false concerning silence as a method of acceptance?
5. The ___ is a court in which an accurate, detailed report of what went on at trial is made.
6. What legal document sets forth the rules that govern the corporation's daily internal activities?
7. Caveat emptor means when conducting business transactions.
8. ___ is law that is intended to govern the use of computers in e-commerce and the Internet.
9. ____gives the government power to take private property for public use upon payment of the fair market price.
10. The __ is a legal vehicle used to transfer the immediate control of property to another party.
11. ___ is the voiding of a marital contract.
12. ___ occurs when a worker agrees to perform a dangerous job.
13. Consideration is not needed for:
14. is an unconditional written promise or order to pay money.
15. A ___ is the association of two or more to do business as co-owners for profit.
16. What are the two basic types of commercial paper or negotiable instruments?
17. A __ is a private or civil wrong for which the law grants a remedy.
18. From a legal standpoint, what is the biggest advantage to the corporate form of ownership for a shareholder?
19. What do whistleblower laws protect workers from?
20. Refraining from doing what one has a right to do is called:
21. Beta Distribution Company grants its agent Cathy an exclusive territory in which to sell Beta products. Beta cannot compete with Cathy in that territory under the principal's duty of:
22. ___ is the party who accepts possession and control of another's personal property.
23. The ___ has liability restricted by the amount of their investment in the partnership.
24. Token consideration which bears no relation to the real value of the contract is:
25. The U.S. Post Office delivered a household appliance to you. The package was addressed to you. However, you never ordered it! Legally, what do you do?

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