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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. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






2. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






3. 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.






4. One to whom goods are entrusted by a bailor.






5. Law that pertains to a particular nation (as opposed to international law).






6. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






7. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






8. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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9. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






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






11. 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.






12. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.






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






14. 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






15. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.






16. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






17. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






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






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






20. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201






21. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.






22. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.






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






24. 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.






25. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






26. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






27. 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.






28. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.






29. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






30. 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.






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






32. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






33. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






34. 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.






35. A trust that is created by will and therefore does not take effect until the death of the testator.






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






37. A contract in which one party forfeits the right to pursue a legal claim against the other party.






38. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






39. 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.






40. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






41. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






42. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






43. A person who receives inside information.






44. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






45. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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46. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






47. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






48. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical






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






50. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.