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. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






2. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract






3. A person on the board of directors who does not hold a management position at the corporation.






4. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






5. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






6. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






7. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.






8. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






9. 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


10. 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.






11. 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






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






13. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






14. 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).






15. An agreement by two or more persons to carry on - as co-owners - a business for profit.






16. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






17. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






18. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






19. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






20. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






21. One to whom an obligation is owed.






22. 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.






23. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






24. Moral principles and values applied to social behavior.






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






26. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






27. 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






28. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






29. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






30. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.






31. 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.






32. A check - other than a certified check - that is presented for payment more than six months after its date.






33. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






34. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






35. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






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






37. Charging an illegal rate of interest.






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






39. 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






40. Any interest in personal property or fixtures that secures payment or performance of an obligation.






41. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






42. 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.






43. Procedurally - a defendant's response to the plaintiff's complaint.






44. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






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






46. 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.






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






48. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






49. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






50. A crime