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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. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






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






3. A check - other than a certified check - that is presented for payment more than six months after its date.






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






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






6. 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.






7. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






8. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






9. 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.






10. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






11. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






12. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.






13. All forms of personal property.






14. A writ from a higher court asking the lower court for the record of a case.






15. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






16. An employer's termination of an employee's employment in violation of the law.






17. 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.






18. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






19. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






20. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






21. 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.






22. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






24. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






25. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






26. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.






27. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.






28. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






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






30. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein






31. Charging an illegal rate of interest.






32. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






33. Information or processes that give a business an advantage over competitors that do not know the information or processes.






34. An agreement by two or more persons to carry on - as co-owners - a business for profit.






35. The number of members of a decision-making body that must be present before business may be transacted.






36. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






37. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.






38. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).






39. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






40. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






41. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






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






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






44. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






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






46. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.






47. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






48. One to whom an obligation is owed.






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






50. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.