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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 between an employer and an employee in which the terms and conditions of employment are stated.






2. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.






3. A crime committed on the Internet.






4. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






5. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






6. 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






7. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






8. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






9. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






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






11. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






12. Property with which the owner has voluntarily parted - with no intention of recovering it.






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






14. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in






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






16. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






17. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






18. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






19. 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).






20. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.






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






22. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.






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






24. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






25. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.






26. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit






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






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






29. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






30. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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31. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






32. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






33. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.






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






35. Joint ownership.






36. 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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37. 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.






38. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






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






40. A contract in which the terms of the agreement are stated in words - oral or written.






41. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






42. 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.






43. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.






44. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






45. The document filed with a designated state official by which a limited liability company is formed.






46. Any bank handling an item for collection - except the payor bank.






47. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






48. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






49. A contract that does not require a specified form or formality to be valid.






50. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.