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 state statute under which certain types of contracts must be in writing to be enforceable.






2. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






3. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.






4. 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






5. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.






6. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






7. A type of contract that arises when a promise is given in exchange for a return promise.






8. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






9. Any bank handling an item for collection - except the payor bank.






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






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






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






13. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






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






15. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






16. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






17. The act of stealing another's identifying information






18. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






19. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are






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






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






22. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






23. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






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






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






26. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






27. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






28. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






29. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






30. 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






31. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






32. All forms of personal property.






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






34. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






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






36. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






37. In a given state - a corporation that does business in the state without being incorporated therein.






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






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






40. 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.






41. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.






42. 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






43. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.






44. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).






45. A person who receives inside information.






46. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.

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


47. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.






48. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.






49. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s






50. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.