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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. 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.






2. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






3. 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.






4. Having left a will at death.






5. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






6. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






7. 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.






8. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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9. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours






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






11. The act of refraining from an action that one has a legal right to undertake.






12. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






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






14. A provision in a contract stipulating that certain unforeseen events






15. One who owes an obligation to another.






16. Reasonable grounds for believing that a person should be arrested or searched.






17. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






18. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






19. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






20. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv






21. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.






22. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p






23. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.






24. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.






25. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






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






27. 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






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






29. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






30. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.






31. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






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






33. 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.






34. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






35. 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.






36. A company whose business activity is holding shares in another company.






37. 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.






38. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






39. All forms of personal property.






40. 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






41. 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.






42. 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






43. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






44. 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.






45. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






46. 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.






47. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






48. 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






49. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






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







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