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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. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.






2. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.






3. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea






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






5. The image and overall appearance of a product






6. 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.






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






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






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






10. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv






11. 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.






12. 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






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






14. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.






15. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha






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






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






18. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.






19. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).






20. A written - temporary insurance policy.






21. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).






22. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.






23. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.






24. 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.






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






26. The act of accepting and giving legal force to an obligation that previously was not enforceable.






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






28. Prior conduct between the parties to a contract that establishes a common basis for their understanding.






29. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.






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






31. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla






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






33. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.






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






35. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o






36. 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.






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






38. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.






39. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.






40. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.






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






42. Barred - impeded - or precluded.






43. One who makes and executes a will.






44. A contract that by law requires a specific form - such as being executed under seal - for its validity.






45. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.






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






47. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued






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






49. 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.






50. 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







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