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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 type of contract that arises when a promise is given in exchange for a return promise.






2. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'






3. Joint ownership.






4. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.






5. 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.






6. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.






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






8. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.






9. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and






10. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.






11. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio






12. The creation of an absolute or unconditional right or power.






13. The passing of title to property from the seller to the buyer for a price.






14. In criminal law - a defense in which the defendant claims that he or she was induced by a public official






15. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.






16. In a given state - a corporation that does business in the state without being incorporated therein.






17. A written - temporary insurance policy.






18. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.






19. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.






20. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo






21. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.

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22. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.






23. The act of refraining from an action that one has a legal right to undertake.






24. A gift of personal property by will (from the verb to bequeath).






25. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.






26. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.






27. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.






28. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p






29. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.






30. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.






31. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.






32. 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






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






34. One who entrusts goods to a bailee.






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






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






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






38. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.






39. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.






40. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.






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






42. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.






43. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.






44. 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.






45. 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.






46. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.






47. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.






48. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.






49. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.






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







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