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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 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






2. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.






3. Goods that conform to contract specifications.






4. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.






5. A person to whom a promise is made.






6. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.






7. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.






8. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.






9. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.






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






11. A public official authorized to attest to the authenticity of signatures.






12. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.






13. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab






14. A person in possession of an instrument payable to bearer or indorsed in blank.






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






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






17. Property with which the owner has involuntarily parted and then cannot find or recover.






18. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment






19. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.






20. In insurance law - the price paid by the insured for insurance protection for a specified period of time.






21. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.






22. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'






23. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.






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






25. 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.






26. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.






27. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.






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






29. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.






30. A contract that is formed electronically.






31. 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.






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






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






34. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.






35. 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.






36. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.






37. 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.






38. 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.






39. The legal avoidance - or setting aside - of a contractual obligation.






40. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.






41. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha






42. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.






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






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






45. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.






46. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.






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






48. 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.






49. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.






50. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins