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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. Property that is acquired by the debtor after the execution of a security agreement.






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






3. 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.






4. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






5. An action to carry into effect the directions in a court decree or judgment.






6. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.






7. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






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






9. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.






10. 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.






11. An assertion that something either will or will not happen in the future.






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






13. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






14. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






15. Property with which the owner has voluntarily parted - with no intention of recovering it.






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






17. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






18. One for whose benefit a promise is made in a contract but who is not a party to the contract.






19. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro






20. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.






21. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






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






23. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






24. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil






25. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






26. 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






27. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






28. A designation in the United States for a corporation formed in another country but doing business in the United States.






29. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be






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






31. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






32. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






33. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






34. 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.






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






36. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).






37. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.






38. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






39. One designated in a will to receive a gift of real property.






40. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






41. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.


42. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






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






44. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






45. Property resulting from intellectual - creative processes.






46. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






47. 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.






48. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






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






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