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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. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






2. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






3. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






4. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






5. A party that holds a lien that is subordinate to one or more other liens on the same property.






6. 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.






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






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






9. 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.






10. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






11. A writ from a higher court asking the lower court for the record of a case.






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






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






14. A will written entirely in the signer's handwriting and usually not witnessed.






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






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






17. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






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






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






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






21. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.






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






23. 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






24. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






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






26. 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.






27. A contract that has not as yet been fully performed.






28. A type of contract that arises when a promise is given in exchange for a return promise.






29. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






30. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.






31. A set limit on the amount of goods that can be imported.






32. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






33. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






34. Generally - the value given in return for a promise; involves two elements






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






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






37. 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).






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. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






40. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.






41. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.






42. 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.






43. 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.






44. A state statute under which certain types of contracts must be in writing to be enforceable.






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






46. 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






47. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






48. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






49. 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






50. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.







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