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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 will written entirely in the signer's handwriting and usually not witnessed.






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






3. 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.






4. 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.






5. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t






6. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.






7. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






8. 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).






9. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






10. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






11. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






12. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods






13. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






14. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






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






16. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim






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






18. Any voluntary transfer of property made without consideration - past or present.






19. In a given state - a corporation that does business in the state without being incorporated therein.






20. A legally recognized authority that can certify the validity of digital signatures.






21. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






22. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






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






24. A trademark in cyberspace.






25. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p






26. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






27. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






28. A party that holds a lien that is subordinate to one or more other liens on the same property.






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






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






31. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






32. A contract in which one party forfeits the right to pursue a legal claim against the other party.






33. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






34. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






35. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






36. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






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






38. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






39. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl






40. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






41. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






42. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






43. Property that is acquired by the debtor after the execution of a security agreement.






44. A crime






45. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.






46. A contract that is formed electronically.






47. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






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






49. A contract that by law requires a specific form - such as being executed under seal - for its validity.






50. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).







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