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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 reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.






2. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






3. Charging an illegal rate of interest.






4. A company whose business activity is holding shares in another company.






5. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.






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






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






8. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.






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






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






11. A contract that results when an offer can be accepted only by the offeree's performance.






12. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






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






14. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






15. 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.






16. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






17. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o






18. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






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






20. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






21. 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.






22. A person to whom a promise is made.






23. 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.






24. 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.






25. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






26. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






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






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






29. A provision in a contract stipulating that certain unforeseen events






30. A contract that is formed electronically.






31. 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.






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






33. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






34. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






35. 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.






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






37. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract






38. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






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






40. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






41. A person who makes an offer.






42. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






43. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






44. 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.






45. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






46. 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.






47. Having left a will at death.






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






49. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.






50. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.