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 provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






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






3. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






4. 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.






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






6. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






7. 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






8. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






9. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






10. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






11. In a sale of goods - the express designation of the goods provided for in the contract.






12. 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.






13. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.






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






15. A contract that is formed electronically.






16. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






17. A contract between an employer and an employee in which the terms and conditions of employment are stated.






18. 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.






19. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






20. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o






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






22. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






23. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






24. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






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






26. The relationship that exists between the promisor and the promisee of a contract.






27. The geographic district in which a legal action is tried and from which the jury is selected.






28. 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.






29. One who entrusts goods to a bailee.






30. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






31. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






32. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






33. 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






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






35. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






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






37. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






38. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






39. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






40. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






41. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






42. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.






43. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






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






45. 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.






46. A contract in which the terms of the agreement are stated in words - oral or written.






47. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






48. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






49. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






50. 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