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






2. The idea that corporations can and should act ethically and be accountable to society for their actions.






3. 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






4. Ownership rights in property - including the right to possess and control the property.






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. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.






7. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.






8. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D






9. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.






10. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.






11. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).






12. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.






13. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.






14. A contract that is formed electronically.






15. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.






16. A person to whom a promise is made.






17. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






18. 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.






19. A check - other than a certified check - that is presented for payment more than six months after its date.






20. 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.






21. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






22. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain






23. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.






24. 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.






25. All forms of personal property.






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






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






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






29. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.






30. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).






31. 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.






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






33. 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.






34. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.






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






36. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






37. Having left a will at death.






38. An implied promise by a landlord that rented residential premises are fit for human habitation






39. 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






40. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.






41. 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.






42. A check drawn by a bank on itself.

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






44. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only






45. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.






46. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.






47. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).






48. 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.






49. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.






50. A company whose business activity is holding shares in another company.