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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 doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.






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






3. 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






4. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






5. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






6. The legal avoidance - or setting aside - of a contractual obligation.






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






8. 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






9. A contract having no legal force or binding effect.






10. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.






11. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be






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






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






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






15. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






16. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.






17. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






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






19. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.






20. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con






21. A landlord's act of depriving a tenant of possession of the leased premises.






22. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






23. 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.






24. 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.






25. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.






26. Law that pertains to a particular nation (as opposed to international law).






27. 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






28. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.






29. The purchase or sale of securities on the basis of information that has not been made available to the public.






30. 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






31. A contract between the issuer of a bond and the bondholder.






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






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






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






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






36. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






37. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t






38. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.






39. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of






40. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






41. 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.






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






44. The basic document filed with a designated state official by which a limited partnership is formed.






45. 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.






46. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.






47. 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






48. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






49. 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.






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






Can you answer 50 questions in 15 minutes?



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