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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. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






2. A set of policies or procedures affecting the way a corporation is directed or controlled.






3. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop






4. A set of governing rules adopted by a corporation or other association.






5. The portion of a corporation's profits that has not been paid out as dividends to shareholders.






6. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






7. A public official authorized to attest to the authenticity of signatures.






8. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.






9. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






10. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






11. An order by a bank customer to his or her bank not to pay or certify a certain check.






12. One who entrusts goods to a bailee.






13. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






14. 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.






15. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






16. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






17. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






18. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






19. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






20. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






21. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






22. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.






23. Moral principles and values applied to social behavior.






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






25. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






26. 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.






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






28. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






29. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






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






31. 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






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






33. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






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






35. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






36. The relationship that exists between the promisor and the promisee of a contract.






37. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






38. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






39. A written - temporary insurance policy.






40. 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.






41. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






42. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






43. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






44. 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






45. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






46. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






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






48. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.






49. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






50. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).







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