Test your basic knowledge |

Business Law Fundamentals

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 gift of personal property by will (from the verb to bequeath).






2. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






3. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi






4. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






5. 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.






6. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






7. A promise or commitment to perform or refrain from performing some specified act in the future.






8. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






9. A set of governing rules adopted by a corporation or other association.






10. Ownership rights in property - including the right to possess and control the property.






11. Joint ownership.






12. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






13. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






14. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






15. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.






16. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






17. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.






18. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






19. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.






20. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






21. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would






22. A type of contract that arises when a promise is given in exchange for a return promise.






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.






24. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).






25. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






26. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






27. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






28. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






29. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen






30. In a sale of goods - the express designation of the goods provided for in the contract.






31. Barred - impeded - or precluded.






32. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody






33. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






34. The document filed with a designated state official by which a limited liability company is formed.






35. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.






36. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






37. A contract that has not as yet been fully performed.






38. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






39. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






40. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






41. Generally - the value given in return for a promise; involves two elements






42. A type of limited liability partnership owned by family members or fiduciaries of family members.






43. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






44. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






45. Property with which the owner has involuntarily parted and then cannot find or recover.






46. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


47. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.






48. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






49. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






50. The act of accepting and giving legal force to an obligation that previously was not enforceable.