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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. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.






2. Any voluntary transfer of property made without consideration - past or present.






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






4. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.






5. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.






6. A state law providing that employees may not be required to join a union as a condition of retaining employment.






7. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






8. A valid contract rendered unenforceable by some statute or law.






9. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






10. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract






11. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means






12. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).






13. 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






14. 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.






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






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






17. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.






18. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.






19. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical






20. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their






21. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






22. In the context of real property - an interest in land that does not include any right to possess the property.






23. 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.






24. Joint ownership.






25. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.






26. A written - temporary insurance policy.






27. The power of a government to take land from private citizens for public use on the payment of just compensation.






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






29. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.






30. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are






31. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.






32. 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.






33. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would






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






35. 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.






36. A state statute under which certain types of contracts must be in writing to be enforceable.






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






38. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.






39. 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.






40. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.






41. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).






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






43. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.






44. 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.






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






46. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of

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47. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






48. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.






49. Property that is acquired by the debtor after the execution of a security agreement.






50. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.