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 series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






2. A state law providing that employees may not be required to join a union as a condition of retaining employment.






3. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






4. Reasonable grounds for believing that a person should be arrested or searched.






5. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






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






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






8. A provision in a contract stipulating that certain unforeseen events






9. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






10. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






11. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






12. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






13. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






14. 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.






15. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






16. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






17. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






18. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.






19. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






20. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.






21. 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.'






22. 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.






23. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






24. A prediction concerning potential loss based on known and unknown factors.






25. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.






26. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






27. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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


28. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would






29. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






30. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






31. A person to whom a promise is made.






32. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






33. The creation of an absolute or unconditional right or power.






34. 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.






35. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






36. 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.






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






38. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.






39. 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






40. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.






41. A written - temporary insurance policy.






42. A type of limited liability partnership owned by family members or fiduciaries of family members.






43. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






44. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






45. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p






46. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

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


47. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






48. The goods and services that domestic firms sell to buyers located in other countries.






49. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






50. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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