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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. Property that is acquired by the debtor after the execution of a security agreement.






2. 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.






3. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






4. The bank on which a check is drawn (the drawee bank).






5. Any bank handling an item for collection - except the payor bank.






6. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






7. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.

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






9. The relationship that exists between the promisor and the promisee of a contract.






10. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






11. An action to carry into effect the directions in a court decree or judgment.






12. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






13. A set limit on the amount of goods that can be imported.






14. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






15. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.






16. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






17. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.






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






20. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






21. 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.






22. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






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






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






25. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical






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






28. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






29. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






30. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






31. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






32. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






33. 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






34. 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






35. 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






36. A designation in the United States for a corporation formed in another country but doing business in the United States.






37. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.






38. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit






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






40. 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






41. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






42. State laws that regulate the offering and sale of securities.






43. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.






44. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






45. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






46. One for whose benefit a promise is made in a contract but who is not a party to the contract.






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






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






49. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.






50. Drawee that is legally obligated to pay an instrument when it is presented later for payment.