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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 court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.






2. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






3. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






4. Joint ownership.






5. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.






6. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






7. A designation in the United States for a corporation formed in another country but doing business in the United States.






8. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






9. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






10. The act of accepting and giving legal force to an obligation that previously was not enforceable.






11. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






12. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






13. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






14. The process of proving and validating a will and settling all matters pertaining to an estate.






15. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






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






17. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.






18. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






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






20. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






21. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






22. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






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






24. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






25. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






26. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






27. Barred - impeded - or precluded.






28. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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29. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






30. 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).






31. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






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






33. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






34. 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.






35. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






36. 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






37. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






38. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






39. 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).






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






41. The portion of a corporation's profits that has not been paid out as dividends to shareholders.






42. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






43. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






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






45. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






46. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






47. A contract that has not as yet been fully performed.






48. A contract that does not require a specified form or formality to be valid.






49. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






50. Property with which the owner has voluntarily parted - with no intention of recovering it.