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






2. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.






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






4. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






5. 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.






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






7. 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






8. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab






9. 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






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






11. 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






12. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






13. 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.






14. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






15. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






16. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.






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. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






19. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






20. 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






21. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






22. 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.






23. The image and overall appearance of a product






24. A contract between the issuer of a bond and the bondholder.






25. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






26. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.






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






28. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.






29. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






30. The act of accepting and giving legal force to an obligation that previously was not enforceable.






31. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.






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






33. One who makes and executes a will.






34. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






35. A written - temporary insurance policy.






36. The failure - without legal excuse - of a promisor to perform the obligations of a contract.






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






38. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






39. A check drawn by a bank on itself.

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40. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






41. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






42. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






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






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






45. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






46. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






47. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or






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






49. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






50. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.