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. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






2. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






3. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






4. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






5. Procedurally - a plaintiff's response to a defendant's answer.






6. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.






7. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






8. One designated in a will to receive a gift of real property.






9. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






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






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






12. One designated in a will to receive a gift of personal property.






13. Property that is acquired by the debtor after the execution of a security agreement.






14. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






15. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






16. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.






17. A writ from a higher court asking the lower court for the record of a case.






18. An order by a bank customer to his or her bank not to pay or certify a certain check.






19. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.






20. An assertion that something either will or will not happen in the future.






21. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






22. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






23. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






24. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






25. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.






26. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






27. The passing of title to property from the seller to the buyer for a price.






28. A gift of personal property under a will.






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






30. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






31. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






32. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






33. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






34. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






35. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






36. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






37. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






38. A person who makes an offer.






39. Information or processes that give a business an advantage over competitors that do not know the information or processes.






40. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






41. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






42. A set of policies or procedures affecting the way a corporation is directed or controlled.






43. Moral principles and values applied to social behavior.






44. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.






45. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.






46. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






47. Land and everything attached to it - such as trees and buildings.






48. A contract in which the terms of the agreement are stated in words - oral or written.






49. The use of an asset that is not the subject of a loan to collateralize that loan.






50. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






Can you answer 50 questions in 15 minutes?



Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests