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. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






2. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






3. One who makes and executes a will.






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






5. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






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






7. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






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






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






10. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






11. Within a specified time period or - if no period is specified - within a reasonable time.






12. 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.






13. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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


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






15. A person on the board of directors who is also an officer of the corporation.






16. A trust that is created by will and therefore does not take effect until the death of the testator.






17. A contract in which one party forfeits the right to pursue a legal claim against the other party.






18. A set of governing rules adopted by a corporation or other association.






19. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






20. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment






21. 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






22. The basic document filed with a designated state official by which a limited partnership is formed.






23. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






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






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






26. Ownership rights in property - including the right to possess and control the property.






27. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






28. 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.






29. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






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






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






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






33. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






34. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






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






36. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






37. 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).






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






39. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






40. A person appointed by a testator in a will to see that her or his will is administered appropriately.






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






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






43. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






44. 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.






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






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






47. A legally recognized authority that can certify the validity of digital signatures.






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






49. 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.






50. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.