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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. 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.






2. The legal avoidance - or setting aside - of a contractual obligation.






3. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio






4. All forms of personal property.






5. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






6. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






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






8. 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.






9. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






10. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






11. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






12. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.






13. 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






14. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






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






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






17. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.






18. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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19. A trademark in cyberspace.






20. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






21. A will written entirely in the signer's handwriting and usually not witnessed.






22. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.






23. 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.






24. 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






25. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






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






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






28. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm






29. 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.






30. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






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






32. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






33. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






34. 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.






35. 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






36. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






37. A contract that has been completely performed by both parties.






38. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).






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






40. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






41. A revocable right or privilege of a person to come onto another person's land.






42. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






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






44. 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.






45. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






46. 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






47. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






48. A person who receives inside information.






49. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






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







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