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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. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Nominal Partner
Business Law
Implied Contract
2. The person who executes a promissory note.
Maker
Price
Antitrust
Special Endorsement
3. 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.
Minor
Corporation
Novation
Consideration
4. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Offeree
Executed Contracts
Subchapter S Corporation
Discharge
5. Laws enacted by local municipalities.
Property
Booking
Endorsement
Ordinances
6. Anything that may be owned.
Trial Courts
Treasury Stock
Property
Undue Influence
7. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Executory Contracts
Preferred Stock
Sole proprietorship
Accord and Satisfaction
8. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Check
Silent Partner
Accord and Satisfaction
9. 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.
Negotiation
Beneficiary
Public Corporation
Partnership
10. An agreement of no legal effect.
Nominal Partner
Trial Courts
Offeror
Void Contract
11. A means whereby one party conveys rights to another person who is not a party to the original contract.
Qualified Endorsement
Assignment
Misrepresentation
Process (Summons)
12. A check drawn on a bank's own funds and signed by a responsible bank official.
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13. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Dormant or sleeping partner
General Partner
Counteroffer
14. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Nominal Damages
Petition (Complaint)
Rescission
15. Stating an untrue fact.
Merchant
Misrepresentation
Property
Real Property
16. Exceeding the maximum rate of interest which may be charged on loans.
Judgment
Usurious
Consignor
Special Performance
17. One authorized by the principal to execute specific acts.
Close (closed - closely held) corporation
Warranties
Stare Decisis
Special Agent
18. Court hearing cases appealed from lower courts.
Counteroffer
Breach of Contract
Judgment
Appellate Court
19. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Implied Contract
Personal Property
Corporation
20. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Future Goods
Payee
Special Performance
21. Those contracts that must be in special form or produced in a certain way - such as under seal.
Special Agent
Corporation
Formal Contract
Negotiable Instrument (Commercial Paper)
22. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Dormant or sleeping partner
Compensatory Damages
Statute of Frauds
23. The party to whom any negotiable instrument is made payable.
Rescission
Maker
Future Goods
Payee
24. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Plaintiff
Consignor
Assignee
25. Partner unknown to public with no part in management.
Misrepresentation
Certified Check
Qualified Endorsement
Dormant or sleeping partner
26. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Holder
Contract to Sell
Sale
Felony
27. Confirming an act that was executed without authority or an act which was voidable.
Appellate Court
Qualified Endorsement
Ratification
Commercial Paper (Negotiable Instrument)
28. 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.
Antitrust
Felony
Assignment
Employer
29. The individual who initiates a civil action.
Subchapter S Corporation
Necessaries (Necessities)
Plaintiff
Contract
30. Person who pretends to be a partner or permits others to represent him or her as a partner.
Promoter
Accord and Satisfaction
Agent
Nominal Partner
31. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Drawee
Contract to Sell
Uniform Commercial Code
Ratification
32. A criminal offense that is punishable by confinement in prison or by death.
Simple Contract
Negotiation
Limited Partner
Felony
33. An agreement between two or more competent persons which is enforceable by law.
Malpractice
Contract
Petition (Complaint)
Subchapter S Corporation
34. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Implied Contract
Minor
Trial Courts
Promoter
35. The party who initiates - or makes - an offer.
Misdemeanor
Summons (Process)
Defendant
Offeror
36. Declared value of outstanding stock.
Personal Property
Promoter
Capital Stock
Payee
37. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Alien corporation
Answer
Agent
38. Stock with an assigned face vale.
Par-value Stock
Blank Endorsement
Bailee
Employee
39. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Rescission
Express Authority
Draft
Tort
40. The party who acquires possession but not the title of personal property in a bailment.
Statutes
Bailee
Corporation
Offeree
41. Official document detailing a defendant's defense.
Answer
Statute of Limitations
Usurious
Sherman Antitrust Act
42. The repudiation of - or election to avoid - a voidable contract.
Donee Beneficiary
Simple Contract
Common Stock
Disaffirmance
43. A commercial paper payable to bearer; i.e. to the person having possession of such.
Property
Formal Contract
Bearer Paper
Endorsement
44. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the
Independent Contractor
Offeree
Novation
Law (Blackstone's Definition)
45. An endorsement which designates the particular person to whom payment is to be made.
Bailor
Warranties
Certificate of Deposit
Special Endorsement
46. A corporation formed to carry out government functions.
Petition (Complaint)
Secret Partner
Offer
Public Corporation
47. A party who appoints a second party to serve as an agent.
Qualified Endorsement
Principal
Endorser
Special Performance
48. The person to whom an offer is made.
Fiduciary
Disaffirmance
Offeree
Close (closed - closely held) corporation
49. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Goods
Bearer Paper
Statute of Frauds
Real Property
50. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Unenforceable Contract
Maker
Promissory Estoppel
Rescission