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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 written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).






2. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






3. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.






4. 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






5. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






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






7. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






8. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






9. An order by a bank customer to his or her bank not to pay or certify a certain check.






10. 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






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






12. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a






13. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






14. 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.






15. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.






16. The bank on which a check is drawn (the drawee bank).






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






18. The creation of an absolute or unconditional right or power.






19. A prediction concerning potential loss based on known and unknown factors.






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






21. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






22. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






23. A document by which title to property (usually real property) is passed.






24. 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.






25. A company whose business activity is holding shares in another company.






26. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






27. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.






28. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






29. 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.






30. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






31. A crime committed on the Internet.






32. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






33. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






34. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






35. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






36. A worldwide system in which foreign currencies are bought and sold.






37. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).






38. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of


39. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






40. The act of transferring to another all or part of one's duties arising under a contract.






41. A promise or commitment to perform or refrain from performing some specified act in the future.






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






43. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






44. 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.






45. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






46. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






47. A valid contract rendered unenforceable by some statute or law.






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


50. In insurance law - the price paid by the insured for insurance protection for a specified period of time.