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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 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






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






3. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






4. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






5. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t






6. An implied promise by a landlord that rented residential premises are fit for human habitation






7. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






8. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






9. In a given state - a corporation that does business in the state without being incorporated therein.






10. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






11. 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.






12. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






13. A state law providing that employees may not be required to join a union as a condition of retaining employment.






14. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






15. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






16. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






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






18. A writ from a higher court asking the lower court for the record of a case.






19. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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20. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






21. 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






22. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






23. 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.






24. 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).






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






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






27. Property with which the owner has voluntarily parted - with no intention of recovering it.






28. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






29. 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.






30. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






31. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t






32. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






33. A written - temporary insurance policy.






34. Barred - impeded - or precluded.






35. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






36. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






37. The process of resolving a dispute through the court system.






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






39. A contract in which the terms of the agreement are stated in words - oral or written.






40. A party to whom the rights under a contract are transferred - or assigned.






41. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






42. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






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






44. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






45. A charge by a grand jury that a named person has committed a crime.






46. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






47. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






48. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.






49. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






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