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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. The portion of a corporation's profits that has not been paid out as dividends to shareholders.






2. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).






3. The goods and services that domestic firms sell to buyers located in other countries.






4. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.






5. A nonpossessory right to use another's property in a manner established by either express or implied agreement.






6. 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.'






7. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






8. 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.






9. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






10. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






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






12. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






13. One designated in a will to receive a gift of personal property.






14. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






15. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or






16. 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.






17. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






18. 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.

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19. 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.






20. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






21. 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.






22. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






23. 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.






24. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.






25. Joint ownership.






26. The act of transferring to another all or part of one's rights arising under a contract.






27. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






28. The process of proving and validating a will and settling all matters pertaining to an estate.






29. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl






30. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






31. A contract between the issuer of a bond and the bondholder.






32. Procedurally - a plaintiff's response to a defendant's answer.






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






34. A revocable right or privilege of a person to come onto another person's land.






35. A party to whom contractual obligations are transferred - or delegated.






36. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






37. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






38. A trademark in cyberspace.






39. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






40. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






41. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






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






43. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






44. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






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






46. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






47. A company whose business activity is holding shares in another company.






48. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.






49. A contract having no legal force or binding effect.






50. A crime committed on the Internet.