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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 system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.






2. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be






3. 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.






4. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.






5. 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.






6. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.






7. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.






8. 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.






9. An employer's termination of an employee's employment in violation of the law.






10. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.






11. 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.'






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






13. Moral principles and values applied to social behavior.






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






15. 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.






16. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.






17. 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






18. A designation in the United States for a corporation formed in another country but doing business in the United States.






19. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).






20. 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






21. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.






22. 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.






23. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.






24. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.






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






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






27. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.






28. A person to whom an instrument is made payable.






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






30. A worldwide system in which foreign currencies are bought and sold.






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






32. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.






33. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.






34. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p






35. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.






36. 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 -






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






38. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.






39. 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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40. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.






41. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.






42. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.






43. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).






44. 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.






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






46. 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.






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






48. 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.






49. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.






50. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the