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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. The image and overall appearance of a product






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






3. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






4. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.






5. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






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






7. 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.






8. A landlord's act of depriving a tenant of possession of the leased premises.






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






10. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






11. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






12. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






13. One designated in a will to receive a gift of personal property.






14. 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.






15. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






16. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






17. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






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






19. A person to whom an offer is made.






20. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






21. One designated in a will to receive a gift of real property.






22. 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.






23. Law that pertains to a particular nation (as opposed to international law).






24. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






25. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






26. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






27. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






28. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






29. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






30. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.






31. Moral principles and values applied to social behavior.






32. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






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






34. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






35. 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






36. The basic document filed with a designated state official by which a limited partnership is formed.






37. 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.






38. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






39. 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






40. 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.






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






42. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






43. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






44. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






45. 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.






46. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






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






48. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






49. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th






50. An action to carry into effect the directions in a court decree or judgment.