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. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






2. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






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






4. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






5. 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.






6. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






7. A check drawn by a bank on itself.

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


8. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






9. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






10. 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).






11. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.






12. A worldwide system in which foreign currencies are bought and sold.






13. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






14. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical






15. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






16. A contract between the issuer of a bond and the bondholder.






17. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






18. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






19. Any bank handling an item for collection - except the payor bank.






20. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






21. Barred - impeded - or precluded.






22. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






23. An action to carry into effect the directions in a court decree or judgment.






24. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






25. A contract having no legal force or binding effect.






26. The power of a government to take land from private citizens for public use on the payment of just compensation.






27. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






28. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






29. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






30. 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.






31. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






32. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






33. Charging an illegal rate of interest.






34. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






35. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






36. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






37. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






38. A tax on imported goods.






39. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






40. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






41. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






42. A crime






43. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






44. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.






45. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






46. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






47. 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.






48. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






49. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






50. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.







Sorry!:) No result found.

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