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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 tax on imported goods.






2. The act of stealing another's identifying information






3. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.






4. Having left a will at death.






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






6. 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.






7. One designated in a will to receive a gift of real property.






8. 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).






9. One who owes an obligation to another.






10. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.






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






12. 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.






13. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.






14. An order by a bank customer to his or her bank not to pay or certify a certain check.






15. Jurisdiction that exists when a case can be heard only in a particular court or type of court.






16. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.






17. 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






18. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.






19. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






20. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.






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






22. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.






23. A document by which title to property (usually real property) is passed.






24. A contract that is formed electronically.






25. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






26. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.






27. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.






28. 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






29. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






30. A revocable right or privilege of a person to come onto another person's land.






31. 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






32. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.






33. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.






34. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.






35. An action to carry into effect the directions in a court decree or judgment.






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






37. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif






38. A trademark in cyberspace.






39. A person who makes a promise.






40. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






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






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






43. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






44. A charge by a grand jury that a named person has committed a crime.






45. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.






46. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.






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






48. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'






49. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.






50. A contract that results when an offer can be accepted only by the offeree's performance.