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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. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.






2. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






3. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






4. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






5. A written - temporary insurance policy.






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






7. 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






8. State laws that regulate the offering and sale of securities.






9. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






10. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






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






12. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






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






14. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






15. A person in possession of an instrument payable to bearer or indorsed in blank.






16. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






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






18. An agreement that creates or provides for a security interest between the debtor and a secured party.






19. 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.






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






21. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






22. 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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23. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.






24. 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.






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






26. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






27. The failure - without legal excuse - of a promisor to perform the obligations of a contract.






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






29. A person on the board of directors who does not hold a management position at the corporation.






30. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






31. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.






32. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






33. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






34. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.






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

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36. 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.






37. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






38. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






39. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






40. 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.






41. A contract that has not as yet been fully performed.






42. The purchase or sale of securities on the basis of information that has not been made available to the public.






43. 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






44. 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.






45. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






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






47. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.






48. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






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






50. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a