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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 the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






2. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






3. An agreement by two or more persons to carry on - as co-owners - a business for profit.






4. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






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






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






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






8. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






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






10. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






11. 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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12. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






13. The process of proving and validating a will and settling all matters pertaining to an estate.






14. 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






15. 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.






16. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






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






18. A person who receives inside information.






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






20. 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.






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






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






23. A state law providing that employees may not be required to join a union as a condition of retaining employment.






24. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






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






26. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






27. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






28. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






29. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






30. 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.






31. 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.






32. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






33. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






34. A promise or commitment to perform or refrain from performing some specified act in the future.






35. A contract having no legal force or binding effect.






36. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






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






38. 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).






39. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






40. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






41. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s






42. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






43. 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.






44. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






45. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






46. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






47. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






48. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.






49. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






50. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.







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