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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 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






2. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.






3. 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






4. 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.






5. A contract between an employer and an employee in which the terms and conditions of employment are stated.






6. 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.






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






8. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






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






10. 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






11. The creation of an absolute or unconditional right or power.






12. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.






13. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.






14. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






15. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






16. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.






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






18. 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.






19. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






20. A party to whom the rights under a contract are transferred - or assigned.






21. Procedurally - a defendant's response to the plaintiff's complaint.






22. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.






23. A nonpossessory right to use another's property in a manner established by either express or implied agreement.






24. The document filed with a designated state official by which a limited liability company is formed.






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






26. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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27. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






28. 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.






29. 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.






30. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.






31. Having left a will at death.






32. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






33. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






34. The use of an asset that is not the subject of a loan to collateralize that loan.






35. A person who makes an offer.






36. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.






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






38. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






39. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.






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






42. The bank on which a check is drawn (the drawee bank).






43. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.






44. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.






45. 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






46. 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.






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






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






49. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






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