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






2. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






3. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.






4. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






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






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






7. 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.'






8. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.






9. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






10. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






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






12. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.






13. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






14. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






15. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






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






17. The bank on which a check is drawn (the drawee bank).






18. A crime committed on the Internet.






19. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part






20. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






21. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv






22. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






23. A person on the board of directors who does not hold a management position at the corporation.






24. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






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






26. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






27. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






28. 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).






29. A state law providing that employees may not be required to join a union as a condition of retaining employment.






30. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






31. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






32. 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.






33. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






34. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t






35. All forms of personal property.






36. 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.






37. Information or processes that give a business an advantage over competitors that do not know the information or processes.






38. 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.






39. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).






40. 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






41. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






42. Property with which the owner has involuntarily parted and then cannot find or recover.






43. The use of an asset that is not the subject of a loan to collateralize that loan.






44. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






45. The number of members of a decision-making body that must be present before business may be transacted.






46. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






47. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






48. 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.






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






50. 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.