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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. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.






2. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i






3. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






4. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






5. An order by a bank customer to his or her bank not to pay or certify a certain check.






6. 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.






7. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






8. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t






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






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






11. The power of a government to take land from private citizens for public use on the payment of just compensation.






12. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






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






14. 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






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






16. 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.






17. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






18. The number of members of a decision-making body that must be present before business may be transacted.






19. 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.






20. A trademark in cyberspace.






21. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.






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






23. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






24. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






25. 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






26. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






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






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






29. 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.






30. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






31. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






32. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






33. 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.






34. In a given state - a corporation that does business in - and is organized under the law of - that state.






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






36. 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






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






38. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






39. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






40. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






41. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






42. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






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






45. The passing of title to property from the seller to the buyer for a price.






46. A set of policies or procedures affecting the way a corporation is directed or controlled.






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






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






49. A party that holds a lien that is subordinate to one or more other liens on the same property.






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