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






2. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






3. 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






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






5. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.






6. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






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






8. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






9. 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.






10. 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.






11. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






12. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






13. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






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






15. The legal avoidance - or setting aside - of a contractual obligation.






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






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






18. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






19. 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.






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






21. The creation of an absolute or unconditional right or power.






22. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






23. A crime committed on the Internet.






24. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.






25. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






26. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.






27. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






28. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






29. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






30. A gift of personal property by will (from the verb to bequeath).






31. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






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






33. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.






34. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.






35. A person who makes an offer.






36. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






37. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






38. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.






39. A trademark in cyberspace.






40. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.






41. The bank on which a check is drawn (the drawee bank).






42. 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.






43. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






44. A check - other than a certified check - that is presented for payment more than six months after its date.






45. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






46. 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.






47. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






48. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






49. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






50. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.







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