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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 type of limited liability partnership owned by family members or fiduciaries of family members.






2. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.






3. 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.






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






5. 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






6. 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.






7. A check - other than a certified check - that is presented for payment more than six months after its date.






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






9. The process of taking private property for public use through the government's power of eminent domain.






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






11. A legally recognized authority that can certify the validity of digital signatures.






12. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






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






14. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






15. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






16. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.






17. A landlord's act of depriving a tenant of possession of the leased premises.






18. A crime






19. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






20. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






21. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






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






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






24. 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.






25. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.






26. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






27. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






28. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






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






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






31. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.






32. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






33. Land and everything attached to it - such as trees and buildings.






34. 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.'






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






36. 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.






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






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






39. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






40. 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).






41. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






42. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






43. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






44. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






45. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






46. A contract between an employer and an employee in which the terms and conditions of employment are stated.






47. A gift of personal property under a will.






48. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






49. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.






50. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).