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 form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






2. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






3. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






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






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






6. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.






7. 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






8. 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.






9. A person to whom a promise is made.






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






11. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






12. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






13. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






14. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






15. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






16. 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.






17. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






18. 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.






19. 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






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






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






22. 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.






23. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.






24. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






25. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






26. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






27. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






28. 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






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






30. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






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






32. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






33. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






34. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






35. A set limit on the amount of goods that can be imported.






36. 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.






37. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






38. 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.






39. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.






40. A contract that has been completely performed by both parties.






41. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






42. 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.






43. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






44. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






45. 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.






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






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






48. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






49. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






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