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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. 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






2. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar






3. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately






4. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.






5. 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.






6. A set of policies or procedures affecting the way a corporation is directed or controlled.






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






8. Within a specified time period or - if no period is specified - within a reasonable time.






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






10. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.






11. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.






12. 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






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






14. Procedurally - a plaintiff's response to a defendant's answer.






15. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t






16. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.






17. The bank on which a check is drawn (the drawee bank).






18. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.






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






20. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).






21. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.

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22. 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






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






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






25. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).






26. 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.






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






28. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.






29. Any voluntary transfer of property made without consideration - past or present.






30. Goods that conform to contract specifications.






31. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.






32. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.






33. A gift of personal property under a will.






34. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.






35. A contract in which one party forfeits the right to pursue a legal claim against the other party.






36. 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.






37. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).






38. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.






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

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40. 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






41. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.






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






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






44. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.






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






46. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.






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






48. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.






49. 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.






50. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau