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 network that can be used by persons located (distributed) around the country or the globe to share computer files.






2. 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






3. 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.






4. 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


5. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






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






7. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






8. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.






9. An equity (ownership) interest in a corporation - measured in units of shares.






10. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.






11. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.






12. 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 -






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






14. The document filed with a designated state official by which a limited liability company is formed.






15. 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.






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






17. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






18. A contract that results when an offer can be accepted only by the offeree's performance.






19. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






20. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






21. 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


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






23. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






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






25. An assertion that something either will or will not happen in the future.






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






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






28. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






29. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






30. A charge by a grand jury that a named person has committed a crime.






31. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






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






33. The process of taking private property for public use through the government's power of eminent domain.






34. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






35. The authority of a court to hear and decide a specific case.






36. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






37. 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






38. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






39. The use of an asset that is not the subject of a loan to collateralize that loan.






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






41. Charging an illegal rate of interest.






42. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






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






44. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.






45. One designated in a will to receive a gift of personal property.






46. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






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






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. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






50. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.