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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 taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






2. A contract in which the terms of the agreement are stated in words - oral or written.






3. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






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






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






6. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop






7. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).






8. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






9. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






10. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






11. A crime committed on the Internet.






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






13. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






14. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.






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






16. 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.






17. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






18. The legal avoidance - or setting aside - of a contractual obligation.






19. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






20. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






21. A public official authorized to attest to the authenticity of signatures.






22. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






23. 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.






24. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.






25. A prediction concerning potential loss based on known and unknown factors.






26. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






27. A worldwide system in which foreign currencies are bought and sold.






28. An implied promise by a landlord that rented residential premises are fit for human habitation






29. 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.






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






31. A nonpossessory right to use another's property in a manner established by either express or implied agreement.






32. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






33. 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






34. 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.






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. A person who receives inside information.






37. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.






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






39. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.






40. 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






41. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.






42. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






43. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






44. The goods and services that domestic firms sell to buyers located in other countries.






45. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






46. 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.






47. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are






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






49. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






50. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.