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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. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






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






3. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






4. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.






5. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






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






7. In a given state - a corporation that does business in - and is organized under the law of - that state.






8. 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






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






10. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






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

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12. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.






13. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.






14. 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.






15. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






16. A person who makes a promise.






17. Property with which the owner has voluntarily parted - with no intention of recovering it.






18. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






19. 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.






20. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






21. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






22. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.






23. 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.






24. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.






25. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






26. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






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






28. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






29. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or






30. A revocable right or privilege of a person to come onto another person's land.






31. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






32. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.






33. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201






34. An employer's termination of an employee's employment in violation of the law.






35. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






36. 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.






37. A crime committed on the Internet.






38. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.






39. 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






40. 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.






41. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued






42. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






43. One to whom goods are entrusted by a bailor.






44. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






45. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






46. 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.






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






48. The term used to designate a person who has an ownership interest in a limited liability company.






49. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.






50. A contract that does not require a specified form or formality to be valid.







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