Home > Consumer Behavior 101 > Quizzes > Business Law Fundamentals
Business Law Fundamentals
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 75% • Most missed: “A lease interest in land for an indefinite period involving payment of rent at f…”
Business Law Fundamentals
Time left 00:00
25 Questions

1. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.

2. A contract between an employer and an employee in which the terms and conditions of employment are stated.

3. 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.

4. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.

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

6. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.

7. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.

8. 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.

9. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.

10. 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).

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

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

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

14. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.

15. 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.

16. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.

17. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.

18. 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.

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

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

21. The idea that corporations can and should act ethically and be accountable to society for their actions.

22. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.

23. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.

24. Having left a will at death.

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

⚡ Recently practiced quizzes in this topic
Live quiz activity
Consumer Behavior 101 Practice Test: The Influence of Culture on Consumer Behavior Consumer Behavior 101 Practice Test: Personality and Consumer Behavior Consumer Behavior 101 Practice Test: Basics of Consumer Behavior Consumer Behavior 101 Practice Test: The Family and Its Social Class Standing Consumer Behavior 101 Practice Test: Consumer Motivation Consumer Behavior 101 Practice Test: Consumer Perception Consumer Behavior 101 Practice Test: Communication and Consumer Behavior Consumer Behavior 101 Practice Test: Consumer Attitude Formation and Change Consumer Behavior 101 Practice Test: Basics of Consumer Research Process Consumer Behavior 101 Practice Test: Consumers and the Diffusion of Innovations
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.