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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. An implied promise by a landlord that rented residential premises are fit for human habitation






2. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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3. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






4. 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.






5. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






6. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






7. 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.






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






9. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.






10. A contract that by law requires a specific form - such as being executed under seal - for its validity.






11. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






12. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






13. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.






14. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d






15. 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.






16. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






17. A crime committed on the Internet.






18. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






19. A document by which title to property (usually real property) is passed.






20. 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.






21. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan






22. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.






23. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.






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






25. A contract that results when an offer can be accepted only by the offeree's performance.






26. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.






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






28. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.






29. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri






30. 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.






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






32. A contract that has been completely performed by both parties.






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






34. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.






35. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






36. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






37. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






38. 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.






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






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






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






42. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr






43. State laws that regulate the offering and sale of securities.






44. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






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






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






47. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.






48. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.






49. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.






50. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o