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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 card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






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






3. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).






4. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).






5. 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.






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






7. 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.






8. A person who receives inside information.






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






10. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.






11. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






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






13. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






14. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






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






16. The act of stealing another's identifying information






17. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






18. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






19. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






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






21. A valid contract rendered unenforceable by some statute or law.






22. A contract that is formed electronically.






23. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






24. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






25. The creation of an absolute or unconditional right or power.






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






27. Any voluntary transfer of property made without consideration - past or present.






28. One who makes and executes a will.






29. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






30. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.






31. 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






32. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






33. A revocable right or privilege of a person to come onto another person's land.






34. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






35. 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.






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






37. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.






38. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






39. Property resulting from intellectual - creative processes.






40. 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.






41. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






42. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






43. A written - temporary insurance policy.






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






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






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






47. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






48. An order by a bank customer to his or her bank not to pay or certify a certain check.






49. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






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