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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 special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






2. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






3. 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.






4. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.






5. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






6. Reasonable grounds for believing that a person should be arrested or searched.






7. 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.






8. 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.'






9. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






10. A crime committed on the Internet.






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






12. 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.






13. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).






14. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






15. 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.






16. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






17. Procedurally - a plaintiff's response to a defendant's answer.






18. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






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






20. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.






21. 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.






22. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.






23. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro






24. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






25. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






26. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






27. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






28. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






29. The use of an asset that is not the subject of a loan to collateralize that loan.






30. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






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






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






33. 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






34. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






35. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a






36. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






37. Moral principles and values applied to social behavior.






38. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






39. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.

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40. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






41. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.






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






43. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






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






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






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






47. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.






48. A trademark in cyberspace.






49. A person to whom an offer is made.






50. 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.







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