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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. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.






2. Land and everything attached to it - such as trees and buildings.






3. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.






4. 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.






5. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.






6. A will written entirely in the signer's handwriting and usually not witnessed.






7. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic






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






9. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).






10. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.






11. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.






12. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -






13. 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.






14. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'






15. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.






16. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.






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






18. A prediction concerning potential loss based on known and unknown factors.






19. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

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20. 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.






21. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -






22. Property with which the owner has voluntarily parted and then cannot find or recover.






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






24. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.






25. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.






26. 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.






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






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






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






30. 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.






31. 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.






32. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.






33. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio






34. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a






35. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.






36. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.






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






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






39. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.






40. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.






41. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.






42. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro






43. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.






44. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with






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






46. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise






47. A legally recognized authority that can certify the validity of digital signatures.






48. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl






49. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.






50. 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