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






3. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).






4. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.






5. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th






6. A contract that has been completely performed by both parties.






7. 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.






8. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th






9. 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.






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






11. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi






12. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events






13. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part






14. 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.






15. 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.






16. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.






17. The geographic district in which a legal action is tried and from which the jury is selected.






18. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.






19. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.






20. 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.






21. 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.






22. 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.






23. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.






24. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.






25. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.






26. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.






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






28. 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.






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






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






31. The act of transferring to another all or part of one's duties arising under a contract.






32. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.






33. A crime






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






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






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






37. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.






38. Having left a will at death.






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






40. Property with which the owner has voluntarily parted - with no intention of recovering it.






41. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.






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






43. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s






44. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.






45. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib






46. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.






47. A suit brought by a shareholder to enforce a corporate cause of action against a third person.

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48. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina






49. The term used to designate a person who has an ownership interest in a limited liability company.






50. 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.