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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 form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






2. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






3. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






4. One who makes and executes a will.






5. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.






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






7. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract






8. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






9. 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.






10. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.






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 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.






13. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






14. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






15. 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






16. 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.






17. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






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






19. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






20. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






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






22. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.






23. Property with which the owner has voluntarily parted and then cannot find or recover.






24. A company whose business activity is holding shares in another company.






25. The power of a government to take land from private citizens for public use on the payment of just compensation.






26. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






27. 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






28. 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






29. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






30. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






31. 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).






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






33. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






34. The relationship that exists between the promisor and the promisee of a contract.






35. Joint ownership.






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






37. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






38. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






39. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t






40. A person to whom a promise is made.






41. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






42. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






43. 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.






44. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






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






46. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






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






48. 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.






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






50. A crime committed on the Internet.







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