Business Law Quiz

What is the term for ending the legal existence of a corporation by unanimous written consent of its shareholders?

Which act makes the theft or misappropriation of a trade secret a federal crime?

What is the minimum number of shareholders required to have a valid vote?

What is a process, chemical formula, list, plan, or mechanism known only to an employer and those employees who need to know in order to use it in business?

What is a word, name, symbol, or device or any combination thereof adopted and used by a manufacturer or merchant to identify his goods and distinguish them from goods manufactured or sold by others?

What is the right of shareholders to protect dilution of their percentage of share ownership?

How many years does it take for employees to be entitled to vested interests in retirement benefits under the Employee Retirement Income Security Act?

What is the term for intangible personal property?

What happens to a partnership when it becomes bankrupt under the Uniform Partnership Act (UPA)?

What is the duration of a design patent?

Which doctrine states that infringing products, processes, or machines need not be identical?

What is the ultimate goal of the incorporation process?

What type of stock has an inflated consideration that is in fact less than the par value?

What is true about a free market?

What is the main focus of the legal realist school of thought?

What type of agreement requires a potential employee to belong to the union before being hired and to remain a member during employment?

What is the process of finishing the business at hand, settling accounts, and terminating the firm in a partnership?

What is the relationship between two contracting parties, occupying adjoining levels in a product distribution system?

What is the main goal of the Trademark Dilution Act?

What is the manager's fiduciary duty?

What type of partnership is formed when one partner does not participate in the day-to-day activities and the other partner is singularly liable for any loss?

Under what statute must a partnership agreement be in writing to avoid invalidation?

What is true of partnerships between parents and minor children?

What theory states that a business firm is a legal person with existence and accountability separate from its owner's?

What is a person who finances a business and receives an ownership interest in return called?

What is a dividend?

What type of partnership has limited liability for its partners?

What is the characteristic of a limited partnership?

What is the term for a business firm with a legal existence separate from its owners?

Which of the following has elements of both equity and debt?

What is the common-law theory of partnerships?

What is the characteristic of a municipal corporation?

What is a derivative action?

What is the meaning of proxy?

What is an implied power?

What is the characteristic of a publicly held corporation?

What is strict products liability?

What is the legal right given to authors to prevent others from duplicating a protected work?

What is a grant from the government that gives an inventor the exclusive right to make, use, and sell an invention?

What is a collective bargaining agreement provision under which an employer agrees to refrain from dealing with certain people or from purchasing their products?

What is the process of paying the creditors and distributing the assets of a corporation?

What type of market involves resale of shares by brokers?

What is a transferable share known as?

Who is considered a tippee in a situation involving insider trading?

What is insider trading?

Who sells shares directly to the public at $50 per share?

What happens to the price of shares when the company's new undertaking is successful?

Who is informed about the company's important decisions and board meetings?

What is the percentage of shares owned by Hannah in Floating Walls Inc.?

What percentage of shares does Hannah sell in the market after obtaining confidential information?