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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. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






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






3. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.






4. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued






5. 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.






6. The purchase or sale of securities on the basis of information that has not been made available to the public.






7. Ownership rights in property - including the right to possess and control the property.






8. 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.






9. 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.






10. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).






11. 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.






12. 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.






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






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. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






16. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






17. 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.






18. An agreement that creates or provides for a security interest between the debtor and a secured party.






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






20. 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.






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






22. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






23. Any interest in personal property or fixtures that secures payment or performance of an obligation.






24. Barred - impeded - or precluded.






25. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






26. 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






27. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






28. 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






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






30. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).






31. 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.






32. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






33. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






34. 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.






35. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






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






37. A party to whom contractual obligations are transferred - or delegated.






38. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






39. 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.






40. 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.






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






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






43. 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.






44. 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






45. A written - temporary insurance policy.






46. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






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






48. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






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






50. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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