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Business Law Fundamentals
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Business Law Fundamentals
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25 Questions

1. 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.

2. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.

3. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.

4. A crime committed on the Internet.

5. 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.

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

7. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.

8. A type of limited liability partnership owned by family members or fiduciaries of family members.

9. One to whom an obligation is owed.

10. A person who makes a promise.

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

12. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.

13. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.

14. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be

15. A company whose business activity is holding shares in another company.

16. The relationship that exists between the promisor and the promisee of a contract.

17. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins

18. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.

19. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.

20. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.

21. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen

22. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.

23. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.

24. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.

25. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.

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