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 set limit on the amount of goods that can be imported.






2. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






3. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






4. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.






5. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.






6. Procedurally - a plaintiff's response to a defendant's answer.






7. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w






8. 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.






9. One designated in a will to receive a gift of real property.






10. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.






11. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.






12. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ






13. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






14. 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


15. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






16. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






17. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






18. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






19. A set of governing rules adopted by a corporation or other association.






20. Having left a will at death.






21. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.






22. A crime committed on the Internet.






23. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.






24. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.






25. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






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






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






28. Property that is movable; any property that is not real property.






29. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv






30. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






31. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






32. The passing of title to property from the seller to the buyer for a price.






33. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






34. The act of accepting and giving legal force to an obligation that previously was not enforceable.






35. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






36. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






37. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.






38. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






39. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.






40. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






41. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






42. 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.






43. A designation in the United States for a corporation formed in another country but doing business in the United States.






44. The act of stealing another's identifying information






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






46. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






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






48. The purchase or sale of securities on the basis of information that has not been made available to the public.






49. A person on the board of directors who is also an officer of the corporation.






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