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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. 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






2. 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






3. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






4. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






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






6. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






7. Procedurally - a plaintiff's response to a defendant's answer.






8. 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.






9. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).






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






11. A promise or commitment to perform or refrain from performing some specified act in the future.






12. 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






13. A prediction concerning potential loss based on known and unknown factors.






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






15. Charging an illegal rate of interest.






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






17. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.






18. Within a specified time period or - if no period is specified - within a reasonable time.






19. Any bank handling an item for collection - except the payor bank.






20. Property that is movable; any property that is not real property.






21. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






22. A contract that by law requires a specific form - such as being executed under seal - for its validity.






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






24. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop






25. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






26. An equity (ownership) interest in a corporation - measured in units of shares.






27. 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.






28. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






29. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

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30. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






31. 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.






32. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






33. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






34. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






35. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






36. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






37. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






38. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.






39. 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.






40. 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.






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






42. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.






43. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






44. Moral principles and values applied to social behavior.






45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th






46. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil






47. 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.






48. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






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






50. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.