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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. Reasonable grounds for believing that a person should be arrested or searched.






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






3. 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.






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






5. 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.






6. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






7. The geographic district in which a legal action is tried and from which the jury is selected.






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






9. Generally - the value given in return for a promise; involves two elements






10. 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.






11. 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.






12. A person to whom a promise is made.






13. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






14. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






15. A party to whom contractual obligations are transferred - or delegated.






16. A state statute under which certain types of contracts must be in writing to be enforceable.






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






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






19. 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.






20. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






21. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






22. Moral principles and values applied to social behavior.






23. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






24. The goods and services that domestic firms sell to buyers located in other countries.






25. 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.






26. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






27. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






28. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






29. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






30. A person who makes a promise.






31. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ






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






33. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p






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






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






36. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi






37. 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.






38. 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.






39. 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.






40. A person who receives inside information.






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






42. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






43. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






44. A set limit on the amount of goods that can be imported.






45. The act of refraining from an action that one has a legal right to undertake.






46. 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






47. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






48. 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.






49. A check - other than a certified check - that is presented for payment more than six months after its date.






50. Procedurally - a plaintiff's response to a defendant's answer.







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