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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 pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






2. 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.






3. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.






4. 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.






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






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






7. 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).






8. 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.






9. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






10. 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






11. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






12. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






13. 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.






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






15. A contract between an employer and an employee in which the terms and conditions of employment are stated.






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






17. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






18. 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.






19. The process of taking private property for public use through the government's power of eminent domain.






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






21. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






22. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






23. 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.






24. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.






25. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






26. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






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






28. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods






29. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






30. The idea that corporations can and should act ethically and be accountable to society for their actions.






31. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






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






33. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






34. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






35. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.






36. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






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






38. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.






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






40. 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.






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






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






43. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.






44. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






45. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






46. Generally - the value given in return for a promise; involves two elements






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






48. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.






49. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






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