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






2. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.






3. 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.






4. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.






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






6. A person in possession of an instrument payable to bearer or indorsed in blank.






7. 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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8. A person to whom an offer is made.






9. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).






10. 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






11. The testimony of a party to a lawsuit or a witness taken under oath before a trial.






12. 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.






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






14. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.






15. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.






16. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ






17. The act of stealing another's identifying information






18. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.






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






20. A valid contract rendered unenforceable by some statute or law.






21. 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.






22. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.






23. 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.'






24. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.






25. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.






26. 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.






27. A written - temporary insurance policy.






28. 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






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






30. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.






31. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.






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






33. State laws that regulate the offering and sale of securities.






34. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.






35. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.






36. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.






37. 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.






38. In the context of real property - an interest in land that does not include any right to possess the property.






39. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ






40. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.






41. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.






42. 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.






43. 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.






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






45. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil






46. 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.






47. 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.






48. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.






49. Having left a will at death.






50. A provision in a contract stipulating that certain unforeseen events