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 writ from a higher court asking the lower court for the record of a case.
plea bargaining
quasi contract
guarantor
writ of certiorari
2. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
commingle
stale check
probate court
right of reimbursement
3. Ownership rights in property - including the right to possess and control the property.
dominion
indictment
property
risk management
4. The creation of an absolute or unconditional right or power.
stock certificate
categorical imperative
course of performance
vesting
5. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
consent
independent contractor
jurisdiction
protected class
6. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
bearer
electronic fund transfer (EFT)
output contract
liquidated damages
7. 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.
defalcation
business ethics
liquidated damages
crime
8. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
insurable interest
duress
browse-wrap terms
limited liability partnership (LLP)
9. Property with which the owner has voluntarily parted and then cannot find or recover.
promise
extension clause
mislaid property
Regulation E
10. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
computer crime
default
counterclaim
exclusionary rule
11. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
12. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
vicarious liability
emancipation
alien corporation
reformation
13. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
hacker
disparate-treatment discrimination
constructive delivery
premium
14. A person appointed by a testator in a will to see that her or his will is administered appropriately.
executor
franchisor
bilateral contract
objective theory of contracts
15. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
implied warranty
acceleration clause
hot-cargo agreement
promissory estoppel
16. 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.
bailor
pass-through entity
tangible employment action
draft
17. A gift of personal property by will (from the verb to bequeath).
rule of four
bequest
winding up
business judgment rule
18. Procedurally - a defendant's response to the plaintiff's complaint.
lien
informal contract
breach of contract
answer
19. The process of resolving a dispute through the court system.
cure
clearinghouse
executor
litigation
20. Procedurally - a plaintiff's response to a defendant's answer.
docket
offeror
service mark
reply
21. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
guarantor
installment contract
prima facie case
exclusive distributorship
22. 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
pass-through entity
motion to dismiss
contract
search warrant
23. 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.
pass-through entity
personal defenses
right of subrogation
browse-wrap terms
24. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
assignor
leasehold estate
fee simple absolute
insurance
25. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
reformation
accredited investors
parol evidence rule
personal defenses
26. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
Regulation E
fiduciary
warranty deed
eminent domain
27. 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.
arson
exclusionary rule
drawer
comity
28. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab
trade name
voir dire
real property
international law
29. 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.
bona fide occupational qualification (BFOQ)
constructive delivery
collecting bank
cybersquatting
30. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
underwriter
firm offer
agreement
mislaid property
31. The act of transferring to another all or part of one's duties arising under a contract.
depositary bank
delegation of duties
unconscionable contract or clause
distributed network
32. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
pleadings
letter of credit
prenuptial agreement
shipment contract
33. The passing of title to property from the seller to the buyer for a price.
sale
concurrent jurisdiction
agency
fungible goods
34. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
mitigation of damages
special warranty deed
attachment
underwriter
35. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
consumer-debtor
estopped
whistleblowing
agreement
36. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
stock options
common stock
bailee
blue laws
37. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
commercial impracticability
independent contractor
question of law
exclusive jurisdiction
38. 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.
answer
interrogatories
copyright
e-signature
39. 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.
profit
choice-of-language clause
overdraft
order instrument
40. A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
pass-through entity
proxy
venture capital
41. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
constructive delivery
disclosed principal
covenant not to compete
parol evidence rule
42. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
cram-down provision
unreasonably dangerous product
bylaws
joint tenancy
43. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
proceeds
limited partner
license
payee
44. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
executory contract
electronic fund transfer (EFT)
limited partnership
unenforceable contract
45. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
fiduciary
pleadings
power of attorney
frustration of purpose
46. The goods and services that domestic firms sell to buyers located in other countries.
bailment
SEC Rule 10b-5
trade name
export
47. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
sovereign immunity
mailbox rule
confusion
assignee
48. Property with which the owner has voluntarily parted - with no intention of recovering it.
exclusive jurisdiction
business ethics
member
abandoned property
49. 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.
close corporation
course of performance
joint and several liability
brief
50. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
leasehold estate
check
policy
intangible property