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






2. 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.






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






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






5. 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






6. A contract in which the terms of the agreement are stated in words - oral or written.






7. 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






8. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






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






10. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






11. 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.






12. Property resulting from intellectual - creative processes.






13. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.






14. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






15. A tax on imported goods.






16. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






17. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.






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






19. In the context of real property - an interest in land that does not include any right to possess the property.






20. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






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






22. A charge by a grand jury that a named person has committed a crime.






23. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






24. 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.






25. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






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






27. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






28. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






29. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






30. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






31. 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.






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






33. A provision in a contract stipulating that certain unforeseen events






34. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a






35. A gift of personal property under a will.






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






37. 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.






38. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






39. The geographic district in which a legal action is tried and from which the jury is selected.






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






41. Reasonable grounds for believing that a person should be arrested or searched.






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






43. Generally - the value given in return for a promise; involves two elements






44. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






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






46. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






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






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






49. 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.






50. 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.







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