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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 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.






2. 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.






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






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






5. 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.






6. 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.






7. 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.






8. A type of limited liability partnership owned by family members or fiduciaries of family members.






9. 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.






10. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.






11. Generally - the value given in return for a promise; involves two elements






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






13. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods






14. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






15. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.






16. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






17. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






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






19. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted






20. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






21. 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.'






22. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.






23. In a sale of goods - the express designation of the goods provided for in the contract.






24. Having left a will at death.






25. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






26. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.






27. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.






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






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






30. 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.






31. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






32. Barred - impeded - or precluded.






33. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201






34. An agreement by two or more persons to carry on - as co-owners - a business for profit.






35. A set limit on the amount of goods that can be imported.






36. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






37. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






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






39. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'






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






41. 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.






42. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






43. 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






44. 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.






45. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil






46. Charging an illegal rate of interest.






47. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.






48. A public official authorized to attest to the authenticity of signatures.






49. A contract that is formed electronically.






50. 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.







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