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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 person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.






2. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody






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






4. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.






5. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






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






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






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






9. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






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






11. 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.'






12. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






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






14. An equity (ownership) interest in a corporation - measured in units of shares.






15. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.






16. Moral principles and values applied to social behavior.






17. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






18. The creation of an absolute or unconditional right or power.






19. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






20. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






21. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






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






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






24. Reasonable grounds for believing that a person should be arrested or searched.






25. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

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26. Information or processes that give a business an advantage over competitors that do not know the information or processes.






27. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






28. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






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






30. 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.






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






32. In a sale of goods - the express designation of the goods provided for in the contract.






33. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






34. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






35. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






36. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






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






38. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






39. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






40. A crime committed on the Internet.






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






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






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






45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th






46. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






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






48. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






49. A gift of personal property by will (from the verb to bequeath).






50. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their







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