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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 principal whose identity is known to a third party at the time the agent makes a contract with the third party.






2. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein






3. The relationship that exists between the promisor and the promisee of a contract.






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






5. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.






6. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






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






8. One designated in a will to receive a gift of personal property.






9. A type of contract that arises when a promise is given in exchange for a return promise.






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






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






12. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






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






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






15. 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






16. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






17. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






18. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






19. 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






20. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






21. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






22. A person to whom a promise is made.






23. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






24. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).






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






27. A state statute under which certain types of contracts must be in writing to be enforceable.






28. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






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






30. The portion of a corporation's profits that has not been paid out as dividends to shareholders.






31. 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.






32. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






33. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






34. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






35. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






36. 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.






37. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






38. 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.






39. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






40. The process of resolving a dispute through the court system.






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






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






43. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






44. An employer's termination of an employee's employment in violation of the law.






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






46. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






47. The image and overall appearance of a product






48. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






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






50. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.







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