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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 possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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






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






4. 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.'






5. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






6. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






7. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).






8. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.






9. 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.






10. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






11. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






12. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.






13. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.






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






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






16. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






17. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.






18. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.






19. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






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






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






22. 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.






23. 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






24. All forms of personal property.






25. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim






26. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






27. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.






28. A person appointed by a testator in a will to see that her or his will is administered appropriately.






29. One to whom goods are entrusted by a bailor.






30. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






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






32. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of

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






34. A prediction concerning potential loss based on known and unknown factors.






35. 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.






36. 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.






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






38. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






39. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






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






41. 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






42. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






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






44. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






45. The process of resolving a dispute through the court system.






46. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.






47. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.






48. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.






49. The process of taking private property for public use through the government's power of eminent domain.






50. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.







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