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






2. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






3. 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.






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






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






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






7. 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.






8. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued






9. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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






11. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t






12. 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.






13. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.






14. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.






15. 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.






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






17. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).






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






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






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






21. A gift of personal property by will (from the verb to bequeath).






22. 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.






23. The bank on which a check is drawn (the drawee bank).






24. 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.






25. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






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






27. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






28. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






29. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.






30. The authority of a court to hear and decide a specific case.






31. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






32. A corporation whose shareholders are limited to a small group of persons - often including only family members.






33. Property with which the owner has voluntarily parted - with no intention of recovering it.






34. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






35. The use of an asset that is not the subject of a loan to collateralize that loan.






36. A person to whom an instrument is made payable.






37. Property that is movable; any property that is not real property.






38. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.






39. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






40. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






41. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






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






43. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






44. Generally - the value given in return for a promise; involves two elements






45. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






46. 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.






47. 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.






48. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h






49. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






50. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

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