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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. If the injured party can be made whole by receiving something of economic value - the remedy is a legal remedy [damages] - if a remedy at law is inadequate - a litigant may seek a remedy in equity - which involves notions of fair dealing and justice






2. A clause in a contract providing for arbitration of disputes arising under the contract






3. To be on the land of another without right or permission of the owner






4. A court will award money or other relief to a party injured by a breach of contract






5. Propositions or general statements of equitable rules






6. The reasoning process used by judges in deciding what law applies to a given dispute and then applying that law to the specific facts or circumstances of the case






7. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.






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






9. 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






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






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






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






13. 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






14. A question asked to determine what is true or to what extent something is true






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






16. Statutes adopted in many states that impose strict liability upon tavern owners for injuries to third parties caused by their intoxicated patrons






17. (law) behavior by the plaintiff that contributes to the harm resulting from the defendant's negligence






18. 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.






19. Doctrine under which a person cannot recover for injuries received from a dangerous activity to which she voluntarily exposed herself






20. Set of books containing published court decisions






21. Previously decided cases that are as similar as possible to the one under consideration






22. The principle pleading by the defendant in response to plaintiff's complaint






23. The party who appeals a decision of a lower court






24. To confirm priestly authority upon






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






26. (law) negligence allocated between the plaintiff and the defendant with a corresponding reduction in damages paid to the plaintiff






27. Excessive bail shall not be required - nor excessive fines imposed - nor cruel and unusual punishments inflicted.






28. The obligation of organization management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization






29. 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.






30. The unlawful taking or harming of another's personal property; interference with another's right to the exclusive possession of his or her personal property.






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






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






33. A system of government in which the states form a union and the sovereign power is divided between the central government and the member states






34. A controversey that is not hypotheical or academic but real and substansial; a requirement the must be satisfied before a court will hear a case






35. The act of delivering a writ or summons upon someone






36. A reference to or a quotation from an authority






37. Clause in the Constitution (Article IV - Section 1) requiring each state to recognize the civil judgments rendered by the courts of the other states and to accept their public records and acts as valid






38. The course of action the government takes in response to an issue or problem as deemed by widely held belief.






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






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






41. The powers not delegated to the United States by the Constitution - nor prohibited by it to the states - are reserved to the states respectively - or to the people.






42. In order to bring a lawsuit before a court a party must have a sufficient 'stake' in a matter to justify seeking relief through the court system






43. 14th amendment clause that prohibits states from denying equal protection under the law - and has been used to combat discrimination






44. A legal proceeding in a court






45. Contracts - Sales - Negotiable instruments - creditos rights - intellectual property - e-commerce - product liability - torts - agency - business organizations - professional liability - courts and court procedures.






46. 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






47. When the matter is between private parties the constitution laws do not apply. Between individuals and government organizations then constitutional laws apply.






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. Liability without fault. (Strict product liability)






50. Any testimony given in court about a statement made by someone else who was not under oath at the time of the statement