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. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






2. One to whom goods are entrusted by a bailor.






3. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






4. Procedurally - a plaintiff's response to a defendant's answer.






5. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t






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






7. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






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






10. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






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






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






13. 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






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






15. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






16. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






17. A crime committed on the Internet.






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






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






20. A public official authorized to attest to the authenticity of signatures.






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






22. 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.






23. 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.'






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






25. 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.






26. 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.






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






28. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






29. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






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






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






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






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






34. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






35. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






36. A contract that does not require a specified form or formality to be valid.






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






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






39. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






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






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






42. 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






43. A person to whom an offer is made.






44. A contract that is formed electronically.






45. A corporation whose shareholders are limited to a small group of persons - often including only family members.






46. 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.






47. 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






48. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






49. A person who makes a promise.






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