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






2. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of

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3. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.






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






5. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






6. A legally recognized authority that can certify the validity of digital signatures.






7. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






8. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201






9. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






10. 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.






11. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






12. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






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






14. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






15. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






16. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






17. A type of limited liability partnership owned by family members or fiduciaries of family members.






18. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






19. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






20. 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.






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






22. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






23. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.






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






25. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p






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






27. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.






28. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






29. 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.






30. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






31. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






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






33. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






34. 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.






35. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit






36. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






37. 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.'






38. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






39. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.






40. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.






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






42. 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






43. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






44. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






45. A prediction concerning potential loss based on known and unknown factors.






46. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.






47. 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.






48. 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.






49. 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.






50. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib