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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. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






2. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






3. A set of policies or procedures affecting the way a corporation is directed or controlled.






4. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






5. A trust that is created by will and therefore does not take effect until the death of the testator.






6. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






7. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.






8. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






9. 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.






10. The image and overall appearance of a product






11. 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.






12. Ownership rights in property - including the right to possess and control the property.






13. A set of governing rules adopted by a corporation or other association.






14. 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.






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






16. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






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






18. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.






19. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






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






21. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






22. 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.






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






24. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.






25. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t






26. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






27. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






28. Barred - impeded - or precluded.






29. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






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






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






32. The purchase or sale of securities on the basis of information that has not been made available to the public.






33. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






34. A crime committed on the Internet.






35. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.






36. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.






37. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






38. 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.






39. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






40. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






41. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






42. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






43. A person on the board of directors who is also an officer of the corporation.






44. A check drawn by a bank on itself.

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45. A promise or commitment to perform or refrain from performing some specified act in the future.






46. 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.






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






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






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






50. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.







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