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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. One to whom an obligation is owed.






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






3. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or






4. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






5. 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.






6. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






7. A gift of personal property by will (from the verb to bequeath).






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






9. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.






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






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






12. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






13. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.






14. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.






15. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






16. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.






17. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






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






19. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






20. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.






21. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.






22. Goods that conform to contract specifications.






23. 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






24. 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.






25. 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.






26. 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.






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






28. 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.






29. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.






30. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.






31. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






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






33. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.






34. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






35. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.






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






37. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






38. 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.






39. 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.






40. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






41. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.






42. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.






43. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.






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






45. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.






46. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






47. 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.






48. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






49. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






50. The act of accepting and giving legal force to an obligation that previously was not enforceable.