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 person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein






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






3. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






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






5. 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






6. 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






7. 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






8. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






9. 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






10. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






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






12. A gift of personal property by will (from the verb to bequeath).






13. 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.






14. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






15. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






16. A contract that has not as yet been fully performed.






17. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.






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






19. The act of refraining from an action that one has a legal right to undertake.






20. 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.






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. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






23. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a






24. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical






25. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






26. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






27. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






28. A party to whom contractual obligations are transferred - or delegated.






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






30. 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.






31. 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.






32. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t






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






34. 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


35. A person who receives inside information.






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






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






38. 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.






39. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






40. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






41. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






43. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a






44. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






45. 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).






46. A person who makes an offer.






47. The failure - without legal excuse - of a promisor to perform the obligations of a contract.






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






49. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






50. The legal avoidance - or setting aside - of a contractual obligation.