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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 writ from a higher court asking the lower court for the record of a case.






2. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






3. Ownership rights in property - including the right to possess and control the property.






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






5. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






6. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






7. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






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






9. Property with which the owner has voluntarily parted and then cannot find or recover.






10. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






11. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of

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






13. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






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






15. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.






16. 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.






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






18. Procedurally - a defendant's response to the plaintiff's complaint.






19. The process of resolving a dispute through the court system.






20. Procedurally - a plaintiff's response to a defendant's answer.






21. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






22. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






23. 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.






24. 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.






25. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






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






27. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






28. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab






29. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.






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






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






32. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.






33. The passing of title to property from the seller to the buyer for a price.






34. 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






35. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






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






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






38. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






39. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






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






41. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.






42. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






43. 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.






44. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






45. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.






46. The goods and services that domestic firms sell to buyers located in other countries.






47. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






48. Property with which the owner has voluntarily parted - with no intention of recovering it.






49. 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.






50. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.