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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 holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






2. A contract that has not as yet been fully performed.






3. 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.






4. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






5. A contract that is formed electronically.






6. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






7. A contract that does not require a specified form or formality to be valid.






8. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






9. The goods and services that domestic firms sell to buyers located in other countries.






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






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






12. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.






13. A public official authorized to attest to the authenticity of signatures.






14. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






15. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






16. A contract that has been completely performed by both parties.






17. 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.






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






19. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






20. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






21. 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.






22. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






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






24. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






25. A revocable right or privilege of a person to come onto another person's land.






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






27. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






28. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






29. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.






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






31. 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.






32. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






33. The use of an asset that is not the subject of a loan to collateralize that loan.






34. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






35. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.






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






37. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm






38. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






39. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






40. 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.






41. A gift of personal property by will (from the verb to bequeath).






42. A person who makes a promise.






43. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






44. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






45. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






46. A writ from a higher court asking the lower court for the record of a case.






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






48. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






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






50. 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







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