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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 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.






2. The number of members of a decision-making body that must be present before business may be transacted.






3. The first bank to receive a check for payment.






4. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






5. The passing of title to property from the seller to the buyer for a price.






6. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.






7. 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.






8. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






9. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






10. 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.






11. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






12. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






13. The process of resolving a dispute through the court system.






14. A network that can be used by persons located (distributed) around the country or the globe to share computer files.






15. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.






16. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.






17. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.






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






19. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






20. A person who receives inside information.






21. 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.






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






23. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.






24. A check drawn by a bank on itself.

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25. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.






26. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.






27. 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






28. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






29. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).






30. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.






31. 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.






32. A valid contract rendered unenforceable by some statute or law.






33. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






34. A promise or commitment to perform or refrain from performing some specified act in the future.






35. A trademark in cyberspace.






36. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






37. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






38. 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.






39. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.






40. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






41. Having left a will at death.






42. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t






43. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.






44. 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.'






45. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.






46. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






47. 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.






48. 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






49. 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.






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






Can you answer 50 questions in 15 minutes?



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