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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 significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






2. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






3. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






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






5. 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.






6. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






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






8. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






9. 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).






10. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.






11. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.






12. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






13. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






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






15. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






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






17. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






18. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






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






20. One to whom an obligation is owed.






21. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






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






23. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






24. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






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






26. A trust that is created by will and therefore does not take effect until the death of the testator.






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






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






29. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






30. 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






31. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






32. A person to whom an offer is made.






33. 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.






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






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






36. A set of policies or procedures affecting the way a corporation is directed or controlled.






37. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






38. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods






39. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






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






41. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






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






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






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






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






46. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






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






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






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






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