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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 merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






2. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






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






4. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






5. 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.






6. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






7. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






8. Within a specified time period or - if no period is specified - within a reasonable time.






9. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






10. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






11. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






12. 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






13. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






14. 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






15. 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






16. 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.






17. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






18. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.






19. 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).






20. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






21. One designated in a will to receive a gift of personal property.






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






23. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.






24. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






25. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.






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






27. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






28. The act of stealing another's identifying information






29. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl






30. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






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






32. 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.






33. A contract having no legal force or binding effect.






34. An action to carry into effect the directions in a court decree or judgment.






35. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t






36. A contract in which one party forfeits the right to pursue a legal claim against the other party.






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






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






39. The use of an asset that is not the subject of a loan to collateralize that loan.






40. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.






41. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






42. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.






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






44. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






45. A check drawn by a bank on itself.

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46. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






47. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






48. 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






49. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






50. 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.