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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 type of limited liability partnership owned by family members or fiduciaries of family members.






2. 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.






3. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






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






5. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






6. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).






7. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






8. 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






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






10. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






11. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






12. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






13. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






14. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






15. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






16. A contract in which the terms of the agreement are stated in words - oral or written.






17. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






18. 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.






19. The process of resolving a dispute through the court system.






20. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






21. 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






22. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






23. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






24. A set limit on the amount of goods that can be imported.






25. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






26. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






27. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






28. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






29. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






30. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






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. 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.






33. 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






34. 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.






35. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






36. 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






37. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.






38. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






39. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






40. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.






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






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






43. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






44. 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.






45. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






46. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






47. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab






48. The act of stealing another's identifying information






49. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






50. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.







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