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






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






3. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






4. 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.






5. 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.






6. 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.






7. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






8. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






9. A contract that is formed electronically.






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






11. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






12. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






13. Reasonable grounds for believing that a person should be arrested or searched.






14. 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






15. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.






16. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






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






18. One who entrusts goods to a bailee.






19. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






20. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.






21. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.






22. A contract that results when an offer can be accepted only by the offeree's performance.






23. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.






24. Within a specified time period or - if no period is specified - within a reasonable time.






25. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






26. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.






27. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.






28. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






29. Any voluntary transfer of property made without consideration - past or present.






30. 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.






31. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






32. 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.






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






34. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






35. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






36. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






37. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






38. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






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






40. 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






41. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






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






43. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.






44. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen






45. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






46. 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






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






48. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).






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






50. A person who makes a promise.