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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. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.






2. An agreement that creates or provides for a security interest between the debtor and a secured party.






3. Any voluntary transfer of property made without consideration - past or present.






4. A contract in which one party forfeits the right to pursue a legal claim against the other party.






5. 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






6. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






7. Property with which the owner has involuntarily parted and then cannot find or recover.






8. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






9. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.






10. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






11. A contract that results when an offer can be accepted only by the offeree's performance.






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






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






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






15. 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






16. 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






17. 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.






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






19. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






20. 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.






21. A public official authorized to attest to the authenticity of signatures.






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






23. The idea that corporations can and should act ethically and be accountable to society for their actions.






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






25. An equity (ownership) interest in a corporation - measured in units of shares.






26. A person who receives inside information.






27. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






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






29. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






30. 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






31. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.






32. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






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






34. The act of transferring to another all or part of one's duties arising under a contract.






35. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






36. 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.






37. One to whom goods are entrusted by a bailor.






38. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






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






40. A person to whom an instrument is made payable.






41. 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.






42. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






43. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






44. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






45. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






46. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






47. 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






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

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49. A valid contract rendered unenforceable by some statute or law.






50. A set limit on the amount of goods that can be imported.