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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. 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.






2. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






3. Procedurally - a defendant's response to the plaintiff's complaint.






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






5. 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.






6. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the






7. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






8. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of

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9. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.






10. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






11. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.






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






13. 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.






14. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.






15. 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.






16. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






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






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






19. One to whom goods are entrusted by a bailor.






20. 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






21. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.






22. 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






23. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






24. 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






25. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






26. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






27. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






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






29. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are






30. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






31. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






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






33. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






34. A public official authorized to attest to the authenticity of signatures.






35. A contract that has been completely performed by both parties.






36. An equity (ownership) interest in a corporation - measured in units of shares.






37. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






38. Having left a will at death.






39. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






40. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.






41. Goods that conform to contract specifications.






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






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






44. 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.






45. 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






46. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.






47. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.






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






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






50. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).







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