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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. 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.'






2. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






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






4. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






5. The legal avoidance - or setting aside - of a contractual obligation.






6. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






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






8. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.






9. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their






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






11. 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.






12. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






13. An agreement by two or more persons to carry on - as co-owners - a business for profit.






14. 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.






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






16. Charging an illegal rate of interest.






17. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






18. 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.






19. 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.






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






21. Information or processes that give a business an advantage over competitors that do not know the information or processes.






22. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a






23. 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.






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






25. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






26. Any voluntary transfer of property made without consideration - past or present.






27. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be






28. 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.






29. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






30. 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.






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






32. A valid contract rendered unenforceable by some statute or law.






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






34. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.






35. 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.






36. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






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






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. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






40. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






41. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






42. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






43. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.






44. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






45. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.






46. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






47. Any interest in personal property or fixtures that secures payment or performance of an obligation.






48. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.






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






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

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