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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 form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






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






3. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






4. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






5. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.






6. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






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






8. 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






9. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.






10. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.






11. 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.






12. Charging an illegal rate of interest.






13. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.






14. 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






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






16. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.






17. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






18. 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.






19. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.






20. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






21. A trademark in cyberspace.






22. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






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






24. 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.






25. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






26. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






27. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody






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






29. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






30. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio






31. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.






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






33. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






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






35. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






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






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






38. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.






39. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






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






41. A person who receives inside information.






42. 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.






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






44. The act of transferring to another all or part of one's duties arising under a contract.






45. 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.






46. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv






47. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






48. One to whom an obligation is owed.






49. 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.






50. 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.