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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. 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






2. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).






3. The term used to designate a person who has an ownership interest in a limited liability company.






4. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






5. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






6. The relationship that exists between the promisor and the promisee of a contract.






7. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






8. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






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






10. 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.






11. Within a specified time period or - if no period is specified - within a reasonable time.






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






13. A person to whom a promise is made.






14. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.






15. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






16. A person who receives inside information.






17. A contract that results when an offer can be accepted only by the offeree's performance.






18. One who makes and executes a will.






19. 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.






20. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






21. The basic document filed with a designated state official by which a limited partnership is formed.






22. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.






23. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






24. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].






25. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.






26. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






27. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






28. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.






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






30. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






31. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






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






33. 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






34. 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.






35. 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.






36. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






37. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






38. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






39. A crime






40. 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.






41. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






42. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






43. 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.






44. A set of governing rules adopted by a corporation or other association.






45. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






46. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






47. A type of limited liability partnership owned by family members or fiduciaries of family members.






48. A charge by a grand jury that a named person has committed a crime.






49. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






50. Property resulting from intellectual - creative processes.







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