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






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






3. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.






4. The use of an asset that is not the subject of a loan to collateralize that loan.






5. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






6. A type of limited liability partnership owned by family members or fiduciaries of family members.






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






8. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).






9. 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.






10. A writ from a higher court asking the lower court for the record of a case.






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






12. A person to whom a promise is made.






13. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






14. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






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






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






17. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






18. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.






19. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.






20. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






21. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






22. 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.






23. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






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






25. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.






26. Goods that conform to contract specifications.






27. 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).






28. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.






29. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






30. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






31. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






32. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






33. Information or processes that give a business an advantage over competitors that do not know the information or processes.






34. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






35. All forms of personal property.






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






37. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.






38. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






39. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






40. 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






41. 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






42. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






43. 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






44. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






45. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).






46. Generally - the value given in return for a promise; involves two elements






47. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






48. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.






49. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.






50. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.