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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 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






2. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen






3. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro






4. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.






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






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






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






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






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






10. 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.






11. 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.






12. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






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






14. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






15. 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.






16. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






17. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






18. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






19. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






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






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






22. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






23. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






24. 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.






25. 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






26. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






27. Property that is movable; any property that is not real property.






28. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be






29. A person in possession of an instrument payable to bearer or indorsed in blank.






30. 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.






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






32. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.






33. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






34. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






35. 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.






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






37. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






38. A trademark in cyberspace.






39. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.






40. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl






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






42. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






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






44. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.






45. 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).






46. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






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






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






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






50. 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.