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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. Within a specified time period or - if no period is specified - within a reasonable time.






2. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






3. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.






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






5. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






6. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






7. 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.






8. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






9. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.






10. 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.






11. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






12. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






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






14. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






15. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.






16. A tax on imported goods.






17. Moral principles and values applied to social behavior.






18. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






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






20. A person who makes a promise.






21. A party to whom the rights under a contract are transferred - or assigned.






22. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






23. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






24. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.






25. A written - temporary insurance policy.






26. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






27. 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.






28. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






29. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






30. A valid contract rendered unenforceable by some statute or law.






31. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).






32. 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






33. A contract that by law requires a specific form - such as being executed under seal - for its validity.






34. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours






35. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






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






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






38. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






39. The act of transferring to another all or part of one's rights arising under a contract.






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. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






42. 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.






43. 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.






44. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






45. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.






46. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






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






48. 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).






49. In a sale of goods - the express designation of the goods provided for in the contract.






50. The process of proving and validating a will and settling all matters pertaining to an estate.