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FBLA Business Law Test 3
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FBLA Business Law Test 3
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25 Questions

1. A corporation's financial inability to take a corporate opportunity provides an exception to the
2. A declaration by a court that a marriage was never effective is a(n)
3. Property found in a public place that would indicate it was simply forgotten is considered
4. The difference between market value and debt in the property is called
5. Average fuel economy standards were established by the
6. Wrongful acts of one of the parties may discharge a contract by
7. Vicarious liability is based on the principal of
8. A partner who takes no active role and is not known publicly, but has unlimited liability is a
9. Negotiation is transfer of an instrument in such a way that the transferee becomes a
10. A substitution of one contract for another is
11. An individual who owns part of a corporation is called a(n)
12. A person has the right to control the conduct of another, who is performing a physical task for that person, is called a(n)
13. Charge accounts are examples of
14. Goods must be fit for ordinary purposes under the implied warranty of
15. A full endorsement is also known as a
16. Shareholders who want to control the election of the board of directors by buying a majority of the shares in a corporation but are unable to, may try to obtain a
17. A food and drug containing an ingredient that reduces its standard quality is said to be
18. At the bottom level of the federal court system are the federal
19. Damages agreed upon by the parties when they first enter into a contract are called
20. Caveat venditor means
21. Patents, copyrights, and trademarks refer to
22. A contract that at first appears to bind both parties, but really binds no one is
23. When a partnership ends, the firm's assets are first paid to
24. The federal regulation that requires used car dealers to place warranty information in car windows is
25. Mutual mistake is also known as

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