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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. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






2. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






3. 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.






4. A trust that is created by will and therefore does not take effect until the death of the testator.






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






6. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






7. 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.






8. A will written entirely in the signer's handwriting and usually not witnessed.






9. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours






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






11. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






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






13. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






14. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.






15. Charging an illegal rate of interest.






16. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






17. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






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






19. 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






20. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






21. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






22. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.






23. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






24. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






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






26. 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






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






28. 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.






29. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






30. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.






31. 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.






32. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






33. A corporation whose shareholders are limited to a small group of persons - often including only family members.






34. A prediction concerning potential loss based on known and unknown factors.






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






36. 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






37. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






38. 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.






39. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






40. 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.






41. One for whose benefit a promise is made in a contract but who is not a party to the contract.






42. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






43. The document filed with a designated state official by which a limited liability company is formed.






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






45. 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).






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






47. 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






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






49. One who makes and executes a will.






50. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).