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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 wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






2. 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.






3. An action to carry into effect the directions in a court decree or judgment.






4. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






5. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






6. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.






7. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






8. 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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9. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






10. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part






11. 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.






12. 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.






13. 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.






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






15. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).






16. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






17. 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






18. 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.






19. 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.






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






21. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






22. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






23. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s






24. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






25. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






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






27. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






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






29. 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






30. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






31. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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32. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






33. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.






34. The geographic district in which a legal action is tried and from which the jury is selected.






35. 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






36. One to whom an obligation is owed.






37. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






38. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.






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






40. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






41. The use of an asset that is not the subject of a loan to collateralize that loan.






42. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






43. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






44. 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






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






46. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.






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






48. 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.






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






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







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