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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. One to whom goods are entrusted by a bailor.






2. 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.






3. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






4. An implied promise by a landlord that rented residential premises are fit for human habitation






5. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






6. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






7. An order by a bank customer to his or her bank not to pay or certify a certain check.






8. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






9. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






10. 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.






11. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






12. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






13. The image and overall appearance of a product






14. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






15. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






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

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17. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






18. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






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






20. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






21. 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.






22. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.






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






24. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






25. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






26. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






27. Moral principles and values applied to social behavior.






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






29. 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






30. 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






31. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






32. 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.






33. A gift of personal property under a will.






34. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






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






36. A type of contract that arises when a promise is given in exchange for a return promise.






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






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






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






40. 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.






41. 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.






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






43. 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.






44. The basic document filed with a designated state official by which a limited partnership is formed.






45. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o






46. 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.






47. A designation in the United States for a corporation formed in another country but doing business in the United States.






48. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.






49. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






50. 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.