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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. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






2. 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).






3. An employer's termination of an employee's employment in violation of the law.






4. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






5. 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






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






7. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






8. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






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






10. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






11. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






13. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.






14. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






15. Law that pertains to a particular nation (as opposed to international law).






16. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






17. 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






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






19. One to whom goods are entrusted by a bailor.






20. 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






21. 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






22. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






23. The authority of a court to hear and decide a specific case.






24. Property resulting from intellectual - creative processes.






25. 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.






26. 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.






27. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






28. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.






29. Any bank handling an item for collection - except the payor bank.






30. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.






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






32. In the context of real property - an interest in land that does not include any right to possess the property.






33. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






34. 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.






35. Moral principles and values applied to social behavior.






36. 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.






37. A revocable right or privilege of a person to come onto another person's land.






38. 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.






39. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).






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






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






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






43. A charge by a grand jury that a named person has committed a crime.






44. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






45. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






46. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






47. Any voluntary transfer of property made without consideration - past or present.






48. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment






49. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






50. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d