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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. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






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






3. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.






4. Property with which the owner has voluntarily parted and then cannot find or recover.






5. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.






6. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






7. 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






8. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






9. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.






10. 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.






11. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.






12. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.






13. 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






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






15. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






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






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






18. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






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






20. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






21. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






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






23. Land and everything attached to it - such as trees and buildings.






24. 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.






25. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






26. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






27. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






28. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






29. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






31. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'






32. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






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






34. A designation in the United States for a corporation formed in another country but doing business in the United States.






35. A set of governing rules adopted by a corporation or other association.






36. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






37. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






38. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.






39. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






40. 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.






41. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






42. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






43. Law that pertains to a particular nation (as opposed to international law).






44. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






45. 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






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






47. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.






48. An assertion that something either will or will not happen in the future.






49. Property that is acquired by the debtor after the execution of a security agreement.






50. 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