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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. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






2. 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.






3. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






4. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






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






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






7. A party to whom the rights under a contract are transferred - or assigned.






8. 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






9. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.






10. Property with which the owner has voluntarily parted and then cannot find or recover.






11. Goods that conform to contract specifications.






12. 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






13. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






14. 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).






15. 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






16. 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






17. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).






18. 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.






19. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






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






21. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w






22. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






23. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






24. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.






25. 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.






26. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.






27. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






28. 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






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






30. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






31. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.






32. 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.






33. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






34. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






35. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






36. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






37. A crime






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






39. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.






40. The process of taking private property for public use through the government's power of eminent domain.






41. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






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






43. One who entrusts goods to a bailee.






44. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






45. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'






46. The term used to designate a person who has an ownership interest in a limited liability company.






47. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






48. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






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






50. The passing of title to property from the seller to the buyer for a price.