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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. State laws that regulate the offering and sale of securities.






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






3. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






4. 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.






5. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.






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






7. 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






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






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






10. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






11. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab






12. 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.






13. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






14. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm






15. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






16. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.






17. 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.






18. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






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






21. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






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






23. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).






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






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






26. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






27. 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.






28. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






29. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






30. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






31. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






32. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.






33. 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.






34. 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.






35. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio






36. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






37. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.






38. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.






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






40. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






41. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






42. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






43. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






44. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.






45. One who owes an obligation to another.






46. The authority of a court to hear and decide a specific case.






47. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






48. 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.






49. 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






50. The act of transferring to another all or part of one's rights arising under a contract.






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