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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 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.






2. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






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






4. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






5. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






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






7. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






8. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.






9. 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.






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






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






12. 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.






13. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).






14. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






15. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






16. The process of taking private property for public use through the government's power of eminent domain.






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






18. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s






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






20. 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.






21. 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.






22. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.






23. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






24. A worldwide system in which foreign currencies are bought and sold.






25. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






26. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






27. 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.






28. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






29. 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.






30. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






31. The basic document filed with a designated state official by which a limited partnership is formed.






32. 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






33. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.






34. 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.






35. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






36. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a






37. 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.






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






39. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






40. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






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






42. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.






43. Generally - the value given in return for a promise; involves two elements






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






45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th






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






47. 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.






48. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.






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






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






Can you answer 50 questions in 15 minutes?



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