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Business Law Fundamentals

Subjects : law, business-law
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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 legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.

2. Goods that conform to contract specifications.

3. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit

4. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.

5. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.

6. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.

7. 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.

8. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would

9. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.

10. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.

11. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with

12. Procedurally - a plaintiff's response to a defendant's answer.

13. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.

14. Ownership rights in property - including the right to possess and control the property.

15. 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.

16. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.

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

18. A provision in a contract stipulating that certain unforeseen events

19. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.

20. Any bank handling an item for collection - except the payor bank.

21. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.

22. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.

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

24. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a

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

26. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p

27. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued

28. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be

29. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part

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

31. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain

32. 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

33. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.

34. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.

35. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).

36. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a

37. A contract that by law requires a specific form - such as being executed under seal - for its validity.

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

39. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.

40. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.

41. A crime committed on the Internet.

42. 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.

43. An employer's termination of an employee's employment in violation of the law.

44. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).

45. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.

46. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen

47. A promise or commitment to perform or refrain from performing some specified act in the future.

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

49. One who makes and executes a will.

50. 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.