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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 resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.






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






3. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






4. 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






5. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






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






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






8. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






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






10. Information or processes that give a business an advantage over competitors that do not know the information or processes.






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






12. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.






13. 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.






14. A check - other than a certified check - that is presented for payment more than six months after its date.






15. 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.






16. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.






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






18. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






19. A trust that is created by will and therefore does not take effect until the death of the testator.






20. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.






21. An agreement that creates or provides for a security interest between the debtor and a secured party.






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






23. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






24. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.






25. A person on the board of directors who is also an officer of the corporation.






26. 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.






27. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.






28. 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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29. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






30. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






31. A tax on imported goods.






32. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.






33. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






34. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






35. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.






36. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






37. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.






38. 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






39. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






40. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.






41. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau






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






43. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm






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






45. Joint ownership.






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






47. 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.






48. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






49. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).






50. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t







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