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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 portion of a corporation's profits that has not been paid out as dividends to shareholders.






2. Having left a will at death.






3. The term used to designate a person who has an ownership interest in a limited liability company.






4. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.






5. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.






6. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






7. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.






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






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






10. The process of resolving a dispute through the court system.






11. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






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






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






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






15. 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






16. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






17. 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.






18. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






19. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.






20. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.






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

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22. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






23. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






24. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






25. 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.






26. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






27. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






28. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






29. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






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






31. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






32. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






33. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






34. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.






35. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






36. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






37. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






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






39. 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






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






41. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






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






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






44. A state law providing that employees may not be required to join a union as a condition of retaining employment.






45. 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.






46. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop






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






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






49. A contract in which one party forfeits the right to pursue a legal claim against the other party.






50. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.







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