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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. 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.






2. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






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






4. Any voluntary transfer of property made without consideration - past or present.






5. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






6. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






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






8. 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






9. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






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






11. A written - temporary insurance policy.






12. 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.






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






14. 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






15. 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






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






17. 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.






18. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






19. In a sale of goods - the express designation of the goods provided for in the contract.






20. Property with which the owner has involuntarily parted and then cannot find or recover.






21. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






22. 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.






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






24. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






25. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






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






27. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.






28. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






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






30. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






31. 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.






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






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






34. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






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






36. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






37. 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.






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






39. Any interest in personal property or fixtures that secures payment or performance of an obligation.






40. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






41. A check drawn by a bank on itself.

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42. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.






43. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






44. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






45. The goods and services that domestic firms sell to buyers located in other countries.






46. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.






47. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






48. 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.






49. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or






50. 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.






Can you answer 50 questions in 15 minutes?



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