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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 acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






2. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






3. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.






4. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






5. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






6. A gift of personal property under a will.






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






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






9. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






10. The process of resolving a dispute through the court system.






11. 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).






12. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






13. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






14. A check drawn by a bank on itself.

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15. One who entrusts goods to a bailee.






16. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






17. Charging an illegal rate of interest.






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






19. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






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






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






22. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






23. The number of members of a decision-making body that must be present before business may be transacted.






24. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






25. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






26. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






27. A contract that is formed electronically.






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






29. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.






30. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






31. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






32. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






33. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






34. 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.






35. 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.






36. A crime






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






38. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






39. 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.






40. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






41. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






42. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






43. 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.






44. A person who makes an offer.






45. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins






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






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






48. The purchase or sale of securities on the basis of information that has not been made available to the public.






49. A worldwide system in which foreign currencies are bought and sold.






50. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.