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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 licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.






2. Having left a will at death.






3. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






4. 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






5. The process of taking private property for public use through the government's power of eminent domain.






6. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit






7. A prediction concerning potential loss based on known and unknown factors.






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






9. A check drawn by a bank on itself.


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






11. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.






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






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






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






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






16. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.






17. 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






18. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.






19. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.






20. One who owes an obligation to another.






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






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






23. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.






24. 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.






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. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.






27. Law that pertains to a particular nation (as opposed to international law).






28. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






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






30. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






31. 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.






32. In a given state - a corporation that does business in the state without being incorporated therein.






33. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






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






35. 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.


36. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






37. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






38. A crime committed on the Internet.






39. 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.






40. Property with which the owner has involuntarily parted and then cannot find or recover.






41. Land and everything attached to it - such as trees and buildings.






42. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.






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






44. 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






45. 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






46. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






47. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody






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






49. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.






50. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.