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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 nonpossessory right to use another's property in a manner established by either express or implied agreement.






2. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






3. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






4. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






5. 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.






6. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).






7. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






8. Joint ownership.






9. One designated in a will to receive a gift of real property.






10. The legal avoidance - or setting aside - of a contractual obligation.






11. 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.






12. 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.






13. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






14. An implied promise by a landlord that rented residential premises are fit for human habitation






15. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






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






17. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






18. The idea that corporations can and should act ethically and be accountable to society for their actions.






19. 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.






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






22. 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






23. A type of limited liability partnership owned by family members or fiduciaries of family members.






24. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






25. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






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






27. 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.






28. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






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






30. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.






31. 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.






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






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






34. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






35. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






36. State laws that regulate the offering and sale of securities.






37. Property with which the owner has voluntarily parted - with no intention of recovering it.






38. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






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






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






41. 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.






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






43. 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.






44. 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.






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






46. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






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






48. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






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






50. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with