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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 contract that is formed electronically.






2. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop






3. A nonpossessory right to use another's property in a manner established by either express or implied agreement.






4. 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






5. 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.






6. 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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7. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






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






9. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






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






11. 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.






12. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






13. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






14. 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.






15. One to whom an obligation is owed.






16. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.






17. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part






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






19. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






20. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






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






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






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






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






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






26. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






27. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w






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






29. 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).






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






31. 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.






32. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






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






34. A writ from a higher court asking the lower court for the record of a case.






35. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.






36. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






37. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.






38. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






39. 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






40. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.






41. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






42. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






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






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






46. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






47. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






48. Property resulting from intellectual - creative processes.






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






50. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein