Test your basic knowledge |

Business Law Test

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. Economic model that compares the marginal costs and marginal benefits of a decision






2. The process by which the parties in a dispute submit their difference to the judgment of an impartial person or group appointed by mutual consent






3. A form of alternative dispute resolution in which a neutral third party evaluates the strengths and weakness of the disputing parties' positions; the evaluator's opinion forms the basis for negotiating a settlement.






4. A motion made by a party - during trial - claiming the opposing party has insufficient evidence to reasonably support its case






5. The government may not house soldiers in private homes without consent of the owner






6. State statute that permits a state to obtain personal jurisdiction over nonresident defendants






7. 14th amendment clause that prohibits states from denying equal protection under the law - and has been used to combat discrimination






8. A brief outline of what the defendant and the plaintiff will try to prove.






9. (civil law) the first pleading of the plaintiff setting out the facts on which the claim for relief is based






10. The power to speak the law.






11. The publication of a statement that denies or casts doubt on another's legal ownership of any property - causing financial loss to that property's owner.






12. 1066 in Britain - King William implemented this uniform legal system. He sent judges out to make rulings on cases - thus creating precedents. 1225 - the signing of the Magna Carta established the rule of law in England






13. Handle only bankruptcy proceedings - which are governed by federal bankruptcy law






14. The location where something takes place - esp. a trial






15. The rules governing the manner in which civil cases are brough in and progress through the federal courts






16. Everyone in the commercial chain will be liable for the defect. (manafacturer - distrubutor - retailer) *end user is not in the commercial chain.






17. Use deductive reasoning to identify relevant legal rules - applying those rules to to the facts of the case and drawing a conclusion.






18. A basis for federal court jurisdiction over a lawsuit between (1) citizens of different states (2) a foreign country and citizens of a state of of different states - or (3) citizens of a state and citizens or subjects of a foreign country. The amount






19. Authority shared by both federal and state courts






20. A school of legal thought that views the law as a tool for promoting justice in society.






21. Based on the idea that law is just one of many institutions in society and that it is shaped by social forces and needs






22. Rules governing the admissibility of evidence in trial courts.






23. A warrant authorizing law enforcement officials to search for objects or people involved in the commission of a crime and to produce them in court






24. Ethical or unethical behaviors by employees in the context of their jobs






25. (law) the right and power to interpret and apply the law






26. A statement of fundamental rights and privileges (especially the first ten amendments to the United States Constitution)






27. Is strict liability hold a claim if the product or service in question is...






28. Liability without fault. (Strict product liability)






29. 1. Federal statute 2. Constitution(U.S.) 3. Diversity of Citizenship($75 -000 or more)






30. A sum of money paid in compensation for loss or injury






31. Emphasizes the evolutionary process of law by concentrating on the origin and history of the legal system






32. Violation of a law - duty - or other form of obligation - either by engaging in an action or failing to act






33. Jurisdiction based on claims against property






34. (law) the initial questioning of a witness by the party that called the witness






35. Logical formula consisting of a major premise - a minor premise and a conclusion; deceptive or specious argument






36. Someone who petitions a court for redress of a grievance or recovery of a right






37. A response to a plaintiff's claim that does not deny the plaintiff's facts but attacks the plaintiff's legal right to bring an action. An example is the running of the statute of limitations.






38. An ethical principle that holds that you should never take any action that infringes on others; agreed-upon rights






39. An example that is used to justify similar occurrences at a later time






40. The party against whom legal action is taken; the party against whom a writ of certiorari is sought.






41. A school of legal thought centered on the assumption that there is no law higher then the laws created by the government. Laws must be obeyed - even if they are unjust - to prevent anarchy.






42. Federal regulatory agencies that are independent - thus not fully under the power of the president. Ex. Federal Trade Commission - Securities and Exchange Commission.






43. An order to appear in person at a given place and time






44. Wrongs






45. A judgment entered in favor of the plaintiff when the defendant defaults (fails to appear in court)






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






47. Right to a trial by jury






48. Adj. from the Latin 'against or about a thing -' referring to a lawsuit or other legal action directed toward property - rather than toward a particular person. Thus - if title to property is the issue - the action is 'in rem.' The term is important






49. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.






50. Supreme Court followed by the U.S. Court of Appeals and The highest state courts. Then followed by federal administrative agencies. U.S. District Courts - Specialized U.S. Courts(bankruptcy courts - court of Federal claims - court of international tr