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Test your basic knowledge |
Business Law Vocab
Start Test
Study First
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. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Uniform Commercial Code
Promissory Note
Express Warranty
Acceptance
2. A law that restricts the period of time within which an action may be brought to court.
Par-value Stock
Plaintiff
Statute of Limitations
Undue Influence
3. That which the promisor demands and receives as the price for a promise.
Sherman Antitrust Act
Third Party Beneficiary
Consideration
Negligence
4. A party who appoints a second party to serve as an agent.
Necessaries (Necessities)
Principal
Criminal Law
Special Agent
5. Power to act for someone else.
Acceptance
Sherman Antitrust Act
Authority
Executory Contracts
6. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Public Corporation
Personal Property
Nominal Damages
Partnership
7. One authorized by the principal to execute specific acts.
Special Agent
Promissory Estoppel
Offeree
Stare Decisis
8. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Defendant
Punitive Damages
Restrictive Endorsement
Promissory Estoppel
9. An agreement which is not in the form required by law.
Unenforceable Contract
Unilateral Contract
Holder
Disaffirmance
10. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Discharge
Common Law
Certified Check
11. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Statute of Limitations
Promoter
Executed Contracts
Common Stock
12. Having no words other than the signature of the endorser.
Service Contracts
Common Stock
Consideration
Blank Endorsement
13. Any contract other than a formal contract - whether written - oral or implied.
Treasury Stock
Simple Contract
Future Goods
Express Authority
14. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.
Statutes
Tort
Holder
Check
15. The contract existing between the consignor (shipper) and the carrier.
Payee
Bill of Lading
Contract to Sell
Valid Contract
16. Courts that conduct the original trial and render their decision.
Alien corporation
Common Stock
Ordinances
Trial Courts
17. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Employer
Public Corporation
Board of Directors
Nominal Damages
18. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Price
Express Contract
Offeree
Tort
19. The party to whom any negotiable instrument is made payable.
Warranties
Bailor
Beneficiary
Payee
20. The necessity that the parties desiring to enter into contracts meet all requirements.
Law (Blackstone's Definition)
Contractual Capability
Arrest
Special Performance
21. An expression of willingness to enter a contractual agreement.
Offer
Preferred Stock
Special Endorsement
Bailee
22. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Implied Warranties
Partnership
Special Endorsement
Bearer
23. Partner active in a business unknown to the public.
Draft
Secret Partner
Stare Decisis
Revocation
24. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Rescission
Implied Authority
Check
25. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Shareholders (Stockholders)
Negligence
Par-value Stock
Corporation
26. Declared value of outstanding stock.
Principal
Capital Stock
Counteroffer
Undue Influence
27. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Simple Contract
Unilateral Contract
Express Contract
Ordinances
28. Movable tangible personal property.
Restrictive Endorsement
Simple Contract
Goods
General Partner
29. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Petition (Complaint)
Summons (Process)
Misdemeanor
Commercial Paper (Negotiable Instrument)
30. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Voidable Contract
Subchapter S Corporation
Restrictive Endorsement
Liquidated Damages
31. A commercial paper payable to bearer; i.e. to the person having possession of such.
Restrictive Endorsement
Defendant
Law (Blackstone's Definition)
Bearer Paper
32. A written request initiating a civil suit.
Petition (Complaint)
Punitive Damages
Statute of Frauds
Goods
33. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Answer
Silent Partner
Judgment
Negligence
34. That consideration stipulated by contract - generally expressed in money or money's worth.
Express Contract
Special Endorsement
Offeree
Price
35. The repudiation of - or election to avoid - a voidable contract.
Maker
Alien corporation
Disaffirmance
Negligence
36. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Complaint (petition)
Consignee
Qualified Endorsement
37. Laws which seek to promote competition among businesses.
Arraignment
Negotiable Instrument (Commercial Paper)
Antitrust
Criminal Law
38. A check drawn on a bank's own funds and signed by a responsible bank official.
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39. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
Bill of Lading
General Agent
Private Corporation
Identified Goods
40. Laws which are enacted by legislative bodies.
Bailee
Statutes
Sale
Treasury Stock
41. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Limited Partner
Endorsement
Sole proprietorship
42. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Nominal Partner
Authority
Domestic corporation
43. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Acceptance
Void Contract
Par-value Stock
Shareholders (Stockholders)
44. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Independent Contractor
Statute of Limitations
Foreign Corporation
45. An endorsement which prevents the use of the instrument for anything except the stated use.
Law (Blackstone's Definition)
Restrictive Endorsement
Fraud
Agent
46. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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47. Person who writes his or her name on back of instrument.
Consignor
Contract
Silent Partner
Endorser
48. Laws enacted by local municipalities.
Payee
Sale
Ordinances
Common Law
49. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Statute of Frauds
Unenforceable Contract
Fraud
Revocation
50. Those contracts in which the terms have not been completely executed or fulfilled.
Breach of Contract
Subchapter S Corporation
Executory Contracts
Foreign Corporation