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






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






3. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






4. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






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






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






7. 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.






8. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






9. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.






10. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.






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






12. An action to carry into effect the directions in a court decree or judgment.






13. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.






14. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






15. Land and everything attached to it - such as trees and buildings.






16. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio






17. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






18. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






19. The image and overall appearance of a product






20. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






21. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






22. 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.






23. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






24. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






25. 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.






26. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






27. 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.






28. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






29. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






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






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






32. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






33. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






34. 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.






35. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






36. One to whom goods are entrusted by a bailor.






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






38. 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).






39. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






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






41. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






42. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






43. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t






44. A document by which title to property (usually real property) is passed.






45. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






46. An assertion that something either will or will not happen in the future.






47. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






48. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






49. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






50. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.







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