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 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






2. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






3. Barred - impeded - or precluded.






4. A person who receives inside information.






5. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






6. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






7. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.






8. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.






9. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






10. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.






11. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






12. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






13. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.






14. Any voluntary transfer of property made without consideration - past or present.






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






16. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






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






18. 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.






19. 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.






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






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






22. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






23. State laws that regulate the offering and sale of securities.






24. A party to whom the rights under a contract are transferred - or assigned.






25. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






26. 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






27. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






28. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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


29. A landlord's act of depriving a tenant of possession of the leased premises.






30. Law that pertains to a particular nation (as opposed to international law).






31. 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.






32. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






33. Procedurally - a defendant's response to the plaintiff's complaint.






34. 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.






35. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






36. 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






37. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






38. 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






39. A crime






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






41. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






42. 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






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






44. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






45. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






46. 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.






47. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






48. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






49. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part






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