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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. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.






2. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






3. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






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






5. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






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






7. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.






8. A contract between the issuer of a bond and the bondholder.






9. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their






10. A tax on imported goods.






11. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






12. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






13. 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.






14. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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15. The act of accepting and giving legal force to an obligation that previously was not enforceable.






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






17. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






18. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.






19. The bank on which a check is drawn (the drawee bank).






20. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






21. 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.






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






23. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






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






25. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






26. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






27. One for whose benefit a promise is made in a contract but who is not a party to the contract.






28. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






29. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






30. A landlord's act of depriving a tenant of possession of the leased premises.






31. A set of governing rules adopted by a corporation or other association.






32. 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.






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






34. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






35. 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






36. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






37. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.






38. A set of policies or procedures affecting the way a corporation is directed or controlled.






39. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






40. A crime






41. 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.






42. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment






43. 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






44. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






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






46. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






47. 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).






48. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.






49. 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.






50. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.







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