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






2. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






3. 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.






4. A contract that by law requires a specific form - such as being executed under seal - for its validity.






5. 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






6. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.






7. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






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






9. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






10. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






11. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






12. A person who receives inside information.






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






14. 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.






15. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






16. 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






17. A trademark in cyberspace.






18. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.






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






20. 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.






21. 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






22. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.






23. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






24. A company whose business activity is holding shares in another company.






25. 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.






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






27. 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






28. A written - temporary insurance policy.






29. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






30. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






31. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






32. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






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






34. A document by which title to property (usually real property) is passed.






35. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.






36. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.






37. A tax on imported goods.






38. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






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






40. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






41. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






42. Property with which the owner has involuntarily parted and then cannot find or recover.






43. A person to whom an instrument is made payable.






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






45. 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.






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






47. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






48. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






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






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