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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. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






2. 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.






3. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.






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. Procedurally - a defendant's response to the plaintiff's complaint.






6. Joint ownership.






7. An action to carry into effect the directions in a court decree or judgment.






8. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.






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






10. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






11. 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.






12. In a sale of goods - the express designation of the goods provided for in the contract.






13. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract






14. 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.






15. 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.






16. 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.






17. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






18. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






19. 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






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






21. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






22. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






23. 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






24. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






25. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






26. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






27. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






28. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






29. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






30. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).






31. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






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






33. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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34. 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.






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






36. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.






37. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






38. Barred - impeded - or precluded.






39. One who owes an obligation to another.






40. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.






41. A document by which title to property (usually real property) is passed.






42. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






43. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






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






45. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






46. 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.






47. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.






48. 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.






49. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






50. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.