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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. 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.






2. 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.






3. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.






4. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






5. 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.






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






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






8. One to whom an obligation is owed.






9. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.






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






11. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






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






13. 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






14. 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).






15. One to whom goods are entrusted by a bailor.






16. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.






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






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






19. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






20. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ






21. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.






22. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






23. A corporation whose shareholders are limited to a small group of persons - often including only family members.






24. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






25. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






26. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






27. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






28. The document filed with a designated state official by which a limited liability company is formed.






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






30. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio






31. 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.






32. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.






33. The act of accepting and giving legal force to an obligation that previously was not enforceable.






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






35. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






36. A person on the board of directors who is also an officer of the corporation.






37. 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.






38. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






39. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






40. 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.






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






42. A person to whom a promise is made.






43. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio






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






45. Law that pertains to a particular nation (as opposed to international law).






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






47. 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.






48. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






49. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






50. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.