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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. 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






2. A worldwide system in which foreign currencies are bought and sold.






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






4. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.






5. 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.






6. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.






7. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






8. One to whom goods are entrusted by a bailor.






9. 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.






10. 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






11. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.






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






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






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






15. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.






16. Drawee that is legally obligated to pay an instrument when it is presented later for payment.






17. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






18. The process of proving and validating a will and settling all matters pertaining to an estate.






19. Land and everything attached to it - such as trees and buildings.






20. 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.






21. 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






22. A crime committed on the Internet.






23. 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.






24. 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.






25. Reasonable grounds for believing that a person should be arrested or searched.






26. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






27. A writ from a higher court asking the lower court for the record of a case.






28. 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.






29. The first bank to receive a check for payment.






30. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






31. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






32. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f






33. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.






34. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.






35. 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






36. 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.






37. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.






38. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






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






40. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






41. A party that holds a lien that is subordinate to one or more other liens on the same property.






42. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






43. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).






44. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






45. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






46. A prediction concerning potential loss based on known and unknown factors.






47. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.






48. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.






49. The image and overall appearance of a product






50. A person who makes an offer.