SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Business Law Fundamentals
Start Test
Study First
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 court-ordered correction of a written contract so that it reflects the true intentions of the parties.
working papers
reformation
international organization
security interest
2. 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.
secured party
unreasonably dangerous product
employment discrimination
notary public
3. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
information return
burglary
universal defenses
deficiency judgment
4. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
executor
e-signature
click-on agreement
acceptance
5. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
fee simple absolute
constructive eviction
performance
Statute of Frauds
6. 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
independent contractor
categorical imperative
patent
double jeopardy
7. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
concurrent conditions
past consideration
alternative dispute resolution (ADR)
eminent domain
8. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
stop-payment order
bankruptcy court
tombstone ad
implied warranty of merchantability
9. One to whom an obligation is owed.
obligee
reaffirmation agreement
product liability
anticipatory repudiation
10. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
sale on approval
I-9 verification
check
expropriation
11. Property with which the owner has involuntarily parted and then cannot find or recover.
insurable interest
lost property
principle of rights
petty offense
12. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
formal contract
secured transaction
incidental beneficiary
tender
13. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
merger
writ of certiorari
vicarious liability
international law
14. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
computer crime
implied warranty of habitability
closed shop
insurance
15. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.
course of performance
hot-cargo agreement
per stirpes
force majeure clause
16. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
output contract
union shop
executory contract
garnishment
17. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
certification mark
securities
obligor
takeover
18. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
security
alternative dispute resolution (ADR)
defalcation
confusion
19. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
drawee
underwriter
fictitious payee
sale on approval
20. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
private equity capital
trade name
constructive eviction
minimum wage
21. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.
constructive delivery
output contract
presentment
e-evidence
22. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan
unreasonably dangerous product
after-acquired property
license
eminent domain
23. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
tender
replevin
contractual capacity
disparate-impact discrimination
24. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
drawer
holder
online dispute resolution (ODR)
click-on agreement
25. A party to whom the rights under a contract are transferred - or assigned.
mediation
assignor
obligee
assignee
26. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
ethical reasoning
limited liability partnership (LLP)
search warrant
tenancy at sufferance
27. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
liquidated debt
offeree
cyber crime
closed shop
28. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
impossibility of performance
choice-of-law clause
expropriation
affirmative action
29. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
revocation
order instrument
diversity of citizenship
collecting bank
30. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
31. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
limited partnership
general partner
seasonably
implied warranty
32. A person appointed by a testator in a will to see that her or his will is administered appropriately.
limited liability company (LLC)
constructive trust
executor
bilateral mistake
33. Any voluntary transfer of property made without consideration - past or present.
stock certificate
express warranty
gift
certified check
34. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods
click-on agreement
implied warranty of merchantability
holographic will
special warranty deed
35. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
disparate-treatment discrimination
consignment
double jeopardy
bearer
36. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
civil law system
draft
reformation
37. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
requirements contract
sublease
e-evidence
close corporation
38. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
tenancy at sufferance
surety
prospectus
fixture
39. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
I-9 verification
fungible goods
hacker
breach of contract
40. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
per stirpes
bond
working papers
motion for a new trial
41. A set of policies or procedures affecting the way a corporation is directed or controlled.
corporate governance
tippee
fungible goods
S corporation
42. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
insurable interest
export
underwriter
dividend
43. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
eminent domain
crime
adverse possession
motion for judgment on the pleadings
44. 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.
embezzlement
insurable interest
liquidated damages
intestate
45. 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.
negotiation
penalty
vesting
letter of credit
46. A contract having no legal force or binding effect.
will
cram-down provision
tariff
void contract
47. 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.
franchisor
mirror image rule
employment discrimination
distributed network
48. 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.
closed shop
business judgment rule
trade name
quorum
49. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
secured transaction
counteroffer
underwriter
concurrent jurisdiction
50. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
ultra vires
entrustment rule
firm offer
close corporation
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
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests