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






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






3. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






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






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






6. The use of an asset that is not the subject of a loan to collateralize that loan.






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






8. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






9. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






10. Voluntary agreement to a proposition or an act of another; a concurrence of wills.






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. 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.






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






14. In a sale of goods - the express designation of the goods provided for in the contract.






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






16. 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.






17. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






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






19. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.






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






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






22. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201






23. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






24. 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.






25. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.






26. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

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27. 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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28. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.






29. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






30. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.






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






32. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






33. A person to whom a promise is made.






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






35. Property with which the owner has voluntarily parted and then cannot find or recover.






36. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






37. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






38. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.






39. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






40. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






41. 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






42. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.






43. A revocable right or privilege of a person to come onto another person's land.






44. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






45. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






46. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t






47. Having left a will at death.






48. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






49. A landlord's act of depriving a tenant of possession of the leased premises.






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