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






2. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






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






4. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






5. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'






6. The act of accepting and giving legal force to an obligation that previously was not enforceable.






7. A contract that has been completely performed by both parties.






8. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






9. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






10. 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.






11. The act of refraining from an action that one has a legal right to undertake.






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






13. 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.






14. A contract that has not as yet been fully performed.






15. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.






16. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






17. 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






18. A crime






19. A nonpossessory right to use another's property in a manner established by either express or implied agreement.






20. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






21. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






22. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






23. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






24. State laws that regulate the offering and sale of securities.






25. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.






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






27. Property resulting from intellectual - creative processes.






28. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






29. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio






30. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






31. 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.






32. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






33. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






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






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






36. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim






37. Property that is acquired by the debtor after the execution of a security agreement.






38. A party to whom contractual obligations are transferred - or delegated.






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






40. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






41. In a given state - a corporation that does business in - and is organized under the law of - that state.






42. 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.






43. A crime committed on the Internet.






44. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






45. 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.






46. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.






47. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






48. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






49. The passing of title to property from the seller to the buyer for a price.






50. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.