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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 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.






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






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






4. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.






5. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






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






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






8. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






9. The process of proving and validating a will and settling all matters pertaining to an estate.






10. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.






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






12. 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.






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






14. A type of contract that arises when a promise is given in exchange for a return promise.






15. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






16. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






17. 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






18. 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






19. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods






20. 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.






21. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






22. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






23. 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.






24. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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25. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






26. 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.






27. 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.






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






29. Property that is movable; any property that is not real property.






30. 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).






31. 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.






32. 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






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






34. The failure - without legal excuse - of a promisor to perform the obligations of a contract.






35. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.






36. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






37. Charging an illegal rate of interest.






38. 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.






39. The act of stealing another's identifying information






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






41. An implied promise by a landlord that rented residential premises are fit for human habitation






42. 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.






43. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi






44. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






45. 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).






46. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






47. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.






48. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






49. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






50. 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