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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 distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






2. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.






3. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






4. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






5. 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.






6. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






7. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






8. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.






9. 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.






10. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.






11. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






12. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.






13. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.






14. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.






15. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.






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






17. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.






18. An assertion that something either will or will not happen in the future.






19. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the






20. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.






21. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.






22. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.






23. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.






24. A contract in which the terms of the agreement are stated in words - oral or written.






25. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.






26. A contract that is formed electronically.






27. 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.






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






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






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






31. A provision in a contract stipulating that certain unforeseen events






32. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.






33. 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






34. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.






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






36. One for whose benefit a promise is made in a contract but who is not a party to the contract.






37. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj






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






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






40. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






41. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen






42. 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.






43. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






44. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.






45. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.






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






47. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.






48. A gift of personal property by will (from the verb to bequeath).






49. The geographic district in which a legal action is tried and from which the jury is selected.






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