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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 authority of a court to hear and decide a specific case.






2. A person appointed by a testator in a will to see that her or his will is administered appropriately.






3. 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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4. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






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






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






7. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






8. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.






9. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






10. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






11. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






12. Charging an illegal rate of interest.






13. 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.






14. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






15. 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






16. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






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






18. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






19. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






20. A state statute under which certain types of contracts must be in writing to be enforceable.






21. 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.






22. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






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






24. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






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






26. A person who receives inside information.






27. 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.






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






29. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






30. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






31. 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






32. The act of refraining from an action that one has a legal right to undertake.






33. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






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






35. 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.






36. The act of stealing another's identifying information






37. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






38. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p






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






40. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






41. 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).






42. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






43. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein






44. 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






45. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






46. A state law providing that employees may not be required to join a union as a condition of retaining employment.






47. In a given state - a corporation that does business in the state without being incorporated therein.






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






49. The term used to designate a person who has an ownership interest in a limited liability company.






50. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be