SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Business Law Fundamentals
Start Test
Study First
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 wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
fixture
digital cash
corporation
crime
2. 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.
crime
insurable interest
testate
union shop
3. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
vesting
defalcation
contract
creditors' composition agreement
4. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
stock options
joint tenancy
stock certificate
merchant
5. A charge by a grand jury that a named person has committed a crime.
winding up
indictment
acceptor
lessor
6. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
moral minimum
performance
lessee
will
7. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
mortgage
concurrent ownership
complaint
premium
8. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
Statute of Frauds
fictitious payee
drawee
motion for a directed verdict
9. A contract that has been completely performed by both parties.
trust
mitigation of damages
cease-and-desist order
executed contract
10. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
eviction
product liability
petition in bankruptcy
small claims court
11. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
shelter principle
lien
spendthrift trust
prima facie case
12. The passing of title to property from the seller to the buyer for a price.
motion for summary judgment
life estate
disclosed principal
sale
13. 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.
bond
holder
fee simple
express contract
14. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
15. 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.
check
purchase-money security interest (PMSI)
click-on agreement
vesting
16. 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.
blue laws
merchant
testator
lease
17. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
alienation
blue sky laws
special warranty deed
right-to-work law
18. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
contractual capacity
right of reimbursement
browse-wrap terms
sale on approval
19. 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.
secondary boycott
holder
ethics
appraisal right
20. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
destination contract
hot-cargo agreement
presentment
leasehold estate
21. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
civil law system
administrator
voidable contract
principle of rights
22. A will written entirely in the signer's handwriting and usually not witnessed.
mediation
bona fide occupational qualification (BFOQ)
holographic will
duress
23. 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.
preferred stock
cram-down provision
e-evidence
commingle
24. Ownership rights in property - including the right to possess and control the property.
principle of rights
implied warranty of fitness for a particular purpose
dominion
continuation statement
25. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
tender of delivery
resulting trust
premium
I-551 Alien Registration Receipt
26. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
workers' compensation laws
sale
collateral
domain name
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.
mens rea
tender
bearer instrument
performance
28. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.
agreement
draft
copyright
self-defense
29. The process of resolving a dispute through the court system.
litigation
expropriation
e-agent
frustration of purpose
30. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
nuncupative will
property
tariff
forgery
31. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
offeror
contract
breach of contract
floating lien
32. 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
writ of execution
equal dignity rule
probable cause
co-surety
33. 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.'
lessee
retained earnings
fiduciary
e-signature
34. The legal avoidance - or setting aside - of a contractual obligation.
proceeds
disaffirmance
warranty deed
double jeopardy
35. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
long arm statute
valid contract
dishonor
unenforceable contract
36. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
articles of partnership
correspondent bank
stock warrant
accord and satisfaction
37. A set of policies or procedures affecting the way a corporation is directed or controlled.
corporate governance
integrated contract
interrogatories
legacy
38. The purchase or sale of securities on the basis of information that has not been made available to the public.
security agreement
insider trading
e-signature
quota
39. Property resulting from intellectual - creative processes.
standing to sue
intellectual property
accord and satisfaction
attachment
40. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
categorical imperative
penalty
installment contract
insurable interest
41. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
mortgagor
winding up
merchant
apparent authority
42. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
target corporation
after-acquired property
financing statement
maker
43. A provision in a contract stipulating that certain unforeseen events
force majeure clause
e-evidence
garnishment
crime
44. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
articles of organization
floating lien
act of state doctrine
robbery
45. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
information return
intangible property
complaint
writ of execution
46. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
proceeds
negotiation
mortgagee
legacy
47. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
creditors' composition agreement
tangible property
winding up
insolvent
48. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
digital cash
hacker
independent contractor
right of subrogation
49. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
acceptance
recording statutes
self-incrimination
cure
50. 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