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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 a given state - a corporation that does business in the state without being incorporated therein.






2. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






3. A worldwide system in which foreign currencies are bought and sold.






4. A gift of personal property under a will.






5. 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.






6. 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.






7. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






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






9. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).






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






11. 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.






12. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






13. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






14. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.






15. 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






16. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






17. One for whose benefit a promise is made in a contract but who is not a party to the contract.






18. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






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






20. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.






21. A contract between the issuer of a bond and the bondholder.






22. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






23. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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24. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.






25. Procedurally - a plaintiff's response to a defendant's answer.






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






27. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






28. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.






29. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






30. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






31. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.

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32. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






33. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






34. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






35. A written - temporary insurance policy.






36. 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






37. 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.






38. 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.






39. The act of stealing another's identifying information






40. A contract in which the terms of the agreement are stated in words - oral or written.






41. 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.






42. 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.






43. The first bank to receive a check for payment.






44. 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.






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






46. 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).






47. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






48. Property with which the owner has voluntarily parted and then cannot find or recover.






49. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.






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