What does "deficiency" mean in financial terms?

A) Having insufficient funds to pay off a debt.

C) Retention of the collateral by a secured party.

What does "acceptance" mean in the context of collateral?

A) Retention of the collateral by a secured party as full or partial satisfaction of a debt.

C) To pay the full value of a debt to get the collateral back.

What does it mean to "redeem" in financial terms?

A) To pay the full value of a debt to get the collateral back.

B) Retention of the collateral by a secured party as full or partial satisfaction of a debt.

C) Having insufficient funds to pay off a debt.

What does the term "surplus" refer to in financial contexts?

A sum of money greater than the debt incurred.

A sum of money less than the debt incurred.

A sum of money equal to the debt incurred.

A document indicating financial stability.

What is the purpose of a termination statement?

To indicate that a secured party no longer claims a security interest in the collateral.

To confirm the continuation of a security interest in the collateral.

To increase the amount of security interest.

To document a new security interest.

In an agency relationship, who is the "Agent"?

The person who is acting on behalf of a principal.

The person for whom an agent is acting.

What is required by the "equal dignities rule" in agency law?

If an agent is empowered to enter into a written contract, the appointment of the agent must also be written.

The agent must verbally agree to the contract terms.

The agent's appointment must be approved by all stakeholders.

The agent must have equal status with the principal.

What defines a "fiduciary relationship"?

The trustee must act in the best interests of the beneficiary.

The agent must seek personal benefits.

The trustee must act in the best interests of the trustee.

The beneficiary must oversee the trustee's actions.

What does the term "jointly and severally liable" imply in a legal context?

All members of a group are liable and can be sued either as a group or individually for the full amount owed.

Only one member of a group can be sued for the full amount owed.

The plaintiff can recover more than the total amount owed from any member of the group.

Only the group leader is liable for the full amount owed.

What is a "nonphysical tort"?

A tort that only harms reputation, feelings, or wallet.

A legal issue involving physical damage to property.

A tort that involves theft or loss of physical assets.

A tort that results in physical injury to a person.

Which of the following best describes a "sole proprietorship"?

An unincorporated business owned by one person.

A business owned by two or more persons.

A corporation with stockholders.

A partnership without a formal agreement.

What is the principle of "respondeat superior"?

A principle that holds a principal liable for certain torts committed by an agent.

A principle stating that an agent is responsible for their own torts.

A principle that holds a company liable for the actions of its customers.

A principle that absolves supervisors from liabilities for employees' actions.

What is a flow-through tax entity?

An organization that does not pay income tax on its profits but passes them through to its owners.

An organization that pays income tax on all its profits.

An organization that collects income tax on behalf of its employees.

An organization that is exempt from all forms of taxes.

What distinguishes a C corporation in terms of tax liability?

It provides limited liability but is a taxable entity.

It passes its income tax to its shareholders.

What does "piercing the company veil" refer to?

A legal decision holding members of an LLC personally liable for the organization's debts.

A strategy to increase transparency in a corporation.

A financial tactic used by corporations to avoid taxes.

A method for shareholders to anonymously control a company.

What is a characteristic of a close corporation?

Its shareholders play an active role in management and it is entitled to special treatment under some state laws.

It has a large number of shareholders.

Its shareholders are typically passive in management.

Its stock is publicly traded on major stock exchanges.

Which of the following best describes a partnership in the context of business structure?

A business entity where the owners share profits and management responsibilities.

A publicly traded entity with limited liability for its owners.

A large corporation with numerous shareholders.

A government-owned corporation.

What is the purpose of a Franchise Disclosure Document (FDD)?

To provide a disclosure that a franchisor must deliver to a potential purchaser.

To regulate the issuance of new securities.

To define the responsibilities of a general partner.

To outline the terms of a joint venture.

What is the role of a general partner?

One of the owners of a general partnership.

To operate a business for profit.

To behave in a socially responsible manner.

What does the term "dissociation" refer to in a business partnership?

The process when a partner leaves the partnership.

The formation of a joint venture.

The issuance of new securities.

The delivery of a Franchise Disclosure Document.

What is a joint venture?

A partnership for a limited purpose.

A document required for franchising.

An association of co-owners for profit.

A socially responsible organization.

What does the term "issuer" refer to in financial contexts?

A company that sells its own stock

What is the purpose of the Securities Exchange Act of 1934?

To regulate companies with publicly traded securities

To specify qualifications for purchaser representatives

Who are considered accredited investors?

Institutions like banks and financially qualified individuals

Individuals evaluating stock purchases

Companies selling their own stock

Entities involved in private offerings

What characterizes private offerings?

Sales of securities with less disclosure to fewer investors

Sales with extensive public disclosure

Regulations under the Securities Exchange Act of 1934

Investments predominantly from the efforts of others

What qualifications should purchaser representatives have?

Knowledge and experience to evaluate stock purchases

Ability to regulate public companies

Ownership of a financial institution

What does the term 'restricted stock' refer to?

Securities purchased strictly for investment purposes

Stock sold without an investment bank

Stock bought and resold by an underwriter

Securities sold after the initial public offering

What is a secondary offering?

Public sale of securities by an issuer after the initial public offering

Sale of securities by an underwriter

What is firm commitment underwriting?

The underwriter buys stock from the issuer and resells it to the public

The underwriter acts as the issuer’s agent in selling the securities

The issuer sells stock directly to the public

Securities are sold only after the initial public offering

What distinguishes best efforts underwriting from firm commitment underwriting?

The underwriter does not buy the stock but acts as the issuer’s agent in selling the securities

The underwriter buys the stock from the issuer and resells it

The underwriter sells the stock directly to the public

The underwriter guarantees the sale of the securities

What does a patent grant an inventor?

The right to prevent others from using their invention for a limited time

The right to use any invention indefinitely

Ownership of the company using the invention

Unlimited financial benefits from the invention

What is primarily protected under a trade secret?

The formula or process used in business

What does the fair use doctrine permit?

Use of copyrighted material without the author's permission for specific purposes

Unlimited use of copyrighted material

Complete ownership of copyrighted material

Redistribution of copyrighted material for profit

What does a trademark specifically protect?

Any combination of words and symbols to identify products

The personal identity of a business owner

The legal rights to a business name only

What does "fee simple absolute" refer to in property rights?

Full ownership privileges in a property

What does "concurrent estates" refer to in property law?

Two or more people owning property at the same time.

Ownership of property by a single person.

Division of property among heirs.

Ownership of property for business purposes only.

What is a "tenancy in common"?

Two or more people holding equal interest in a property, with no right of survivorship.

A form of tenancy where property is owned by one person.

A system where property is owned by married couples.

Two or more people sharing property with the right of survivorship.

What defines "partition by kind" in property division?

A form of partition in which a property is divided among co-owners.

A legal action to divide property among tenants.

A division based on the property's commercial value.

A partition that occurs after a property sale.

Contracts Quiz

12th Grade

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60 Qs

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Contracts Quiz

Quiz

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12th Grade

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Practice Problem

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Medium

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CCSS

RI.11-12.5, RI.8.1, RI.11-12.4

+31

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60 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a voidable contract?

An agreement that neither party can enforce.

An agreement that may be terminated by one of the parties.

An agreement in which all parties have fulfilled their obligations.

An agreement with all the important terms explicitly stated.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "executory" refer to in a contract?

An agreement that is fully completed.

An agreement that may be terminated by one of the parties.

An agreement in which one or more parties has not yet fulfilled its obligations.

An agreement that is explicitly stated with all terms.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a contract where neither party can enforce it because it is illegal or lacks legal authority?

Voidable contract

Executory

Quantum meruit

Void agreement

What is "quantum meruit" associated with?

Evaluate responses using AI:

OFF

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of promissory estoppel?

To provide a remedy when there is a fully enforceable contract

To enforce the terms explicitly stated in a contract

To offer a remedy for an injured plaintiff when there is no valid contract

To terminate an agreement at the discretion of one party

What is an artisan's lien?

A) A security created when a worker improves real property.

B) A security interest in personal property.

C) Retention of collateral by a secured party.

D) Having insufficient funds to pay off a debt.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "inventory" refer to in a business context?

A) Goods held for sale or lease in the ordinary course of business.

B) A security created when a worker improves real property.

C) Any action that disturbs public tranquility and order.

D) Retention of the collateral by a secured party.

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Contracts Quiz

60 questions

What is a voidable contract?

What does "executory" refer to in a contract?

Which term describes a contract where neither party can enforce it because it is illegal or lacks legal authority?

What is "quantum meruit" associated with?

What is the purpose of promissory estoppel?

What is an artisan's lien?

What does the term "inventory" refer to in a business context?

What does "breach of the peace" mean?

What does "deficiency" mean in financial terms?

What does "acceptance" mean in the context of collateral?

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