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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. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






2. A person who makes a promise.






3. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






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






5. 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.






6. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






7. Goods that conform to contract specifications.






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






9. 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 -






10. 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.






11. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






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






13. The portion of a corporation's profits that has not been paid out as dividends to shareholders.






14. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






15. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






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






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






18. A check drawn by a bank on itself.

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






20. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.






21. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.






22. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.






23. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






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






25. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






26. A written - temporary insurance policy.






27. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






28. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.






29. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p






30. 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.






31. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their






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

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33. The image and overall appearance of a product






34. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






35. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






36. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.






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






38. 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.






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






40. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






41. 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






42. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.






43. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






44. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.






45. 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.






46. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






47. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).






48. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






49. 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.






50. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately







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