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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 case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






2. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






3. 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.






4. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






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






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






7. 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.






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






9. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.






10. 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.






11. A contract that by law requires a specific form - such as being executed under seal - for its validity.






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






13. 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.






14. 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.






15. A type of limited liability partnership owned by family members or fiduciaries of family members.






16. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.






17. 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.






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






19. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






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






21. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






22. Property with which the owner has voluntarily parted - with no intention of recovering it.






23. 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.






24. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.






25. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






26. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued






27. 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






28. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.






29. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






30. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






31. 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.






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






33. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






34. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.






35. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






36. 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.






37. 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.






38. 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.






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






40. Moral principles and values applied to social behavior.






41. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






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






43. One who owes an obligation to another.






44. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






45. 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.






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






47. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






48. In a given state - a corporation that does business in the state without being incorporated therein.






49. One who makes and executes a will.






50. The process of proving and validating a will and settling all matters pertaining to an estate.