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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 defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






2. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.






3. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






4. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






5. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.






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






7. 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.






8. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






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






10. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






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






12. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






13. A person who receives inside information.






14. 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.






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






16. A check - other than a certified check - that is presented for payment more than six months after its date.






17. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.






18. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.






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






20. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.






21. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






22. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






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






24. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would






25. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.






26. 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.






27. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






28. 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






29. One to whom an obligation is owed.






30. 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.






31. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






32. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






33. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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






35. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.






36. 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.






37. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






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






39. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






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






41. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p






42. A contract having no legal force or binding effect.






43. A provision in a contract stipulating that certain unforeseen events






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






45. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






46. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






47. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






48. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'






49. A contract that is formed electronically.






50. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.