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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. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.






2. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






3. The image and overall appearance of a product






4. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.






5. A state statute under which certain types of contracts must be in writing to be enforceable.






6. A type of contract that arises when a promise is given in exchange for a return promise.






7. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






8. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






9. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






10. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






11. Barred - impeded - or precluded.






12. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).






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






14. 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.






15. 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.






16. Within a specified time period or - if no period is specified - within a reasonable time.






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






18. 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).






19. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






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






21. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






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






23. A set of governing rules adopted by a corporation or other association.






24. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






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






26. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






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






28. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






29. 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






30. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






31. The relationship that exists between the promisor and the promisee of a contract.






32. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.






33. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t






34. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.






35. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






36. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.






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






38. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o






39. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






40. All forms of personal property.






41. A legally recognized authority that can certify the validity of digital signatures.






42. A contract having no legal force or binding effect.






43. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






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






45. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






46. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






47. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their






48. 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.






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






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







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