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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 distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






2. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.






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






4. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.






5. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






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






7. The act of stealing another's identifying information






8. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






9. Having left a will at death.






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






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






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






13. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






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






15. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






16. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






17. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






18. A gift of personal property under a will.






19. 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.






20. 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






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






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






23. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.






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






25. One to whom an obligation is owed.






26. In a sale of goods - the express designation of the goods provided for in the contract.






27. One who entrusts goods to a bailee.






28. 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.






29. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.






30. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.






31. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






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






33. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.






34. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






35. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






36. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






37. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






38. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






39. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






40. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






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






42. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.






43. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






44. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






45. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






46. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.






47. 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.






48. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would






49. 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.






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