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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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.
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. A party who appoints a second party to serve as an agent.
Stockholders (Shareholders)
Bill of Lading
Principal
Limited Liability Corporation
2. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Express Contract
Consignor
Tort
Capital Stock
3. The person who executes any draft.
Drawer
Counteroffer
Defendant
Fiduciary
4. The party who gives up possession - but not title - of property in a bailment.
Bailor
Order Paper
Answer
Future Goods
5. A person in possession of an instrument.
Maker
Bearer
Fraud
Breach of Contract
6. A commercial paper payable to bearer; i.e. to the person having possession of such.
Contract to Sell
Summons (Process)
Bearer Paper
Discovery
7. A warranty imposed by law - arising automatically because the sale has been made.
Sole proprietorship
Implied Warranties
Draft
Warranties
8. A check drawn on a bank's own funds and signed by a responsible bank official.
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9. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Merchant
Antitrust
Necessaries (Necessities)
Voidable Contract
10. The person against whom legal action is brought. 1
Defendant
Private Corporation
Contract
Discharge
11. Person who pretends to be a partner or permits others to represent him or her as a partner.
Felony
Malpractice
Nominal Partner
Negotiable Instrument (Commercial Paper)
12. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Alien corporation
Bearer
Punitive Damages
Common Law
13. A document of conveyance that provides written evidence of one's title to tangible personal property.
Defendant
Domestic corporation
Bill of Sale
Felony
14. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Accord and Satisfaction
Business Law
Foreign Corporation
Assignment
15. Stock reacquired by a corporation.
Intangible Personal Property
Common Law
Misrepresentation
Treasury Stock
16. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Drawer
Promissory Note
Ratification
Beneficiary
17. The authority of an agent - stated in the document or agreement creating the agency.
Private Corporation
Donee Beneficiary
Public Corporation
Express Authority
18. The party making the assignment.
Limited Partner
Assignor
Usurious
Capital Stock
19. Partner active in a business unknown to the public.
Bill of Lading
Assignor
Foreign Corporation
Secret Partner
20. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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21. An endorsement which designates the particular person to whom payment is to be made.
Donee Beneficiary
Necessaries (Necessities)
Board of Directors
Special Endorsement
22. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Appellate Court
Employee
Intangible Personal Property
Price
23. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.
Employee
Ratification
Antitrust
Counteroffer
24. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Bailee
Compensatory Damages
Subchapter S Corporation
Unilateral Contract
25. Stating an untrue fact.
Misrepresentation
Simple Contract
Unilateral Contract
General Agent
26. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.
Injunction
Summons (Process)
Simple Contract
Ratification
27. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Offeree
Close (closed - closely held) corporation
Breach of Contract
Counteroffer
28. The party who initiates - or makes - an offer.
Offeror
Felony
Foreign Corporation
Uniform Commercial Code
29. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Payee
Offer
Donee Beneficiary
Counteroffer
30. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Creditor Beneficiary
Principal
Intangible Personal Property
Subchapter S Corporation
31. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Beneficiary
Certificate of Deposit
Offeror
Sherman Antitrust Act
32. That which the promisor demands and receives as the price for a promise.
Novation
Bailor
Consideration
Fraud
33. 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.
Consideration
Accord and Satisfaction
Breach of Contract
General Agent
34. The contracting of services rather than goods.
Service Contracts
Beneficiary
Corporation
Creditor Beneficiary
35. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Counteroffer
Express Contract
Authority
36. Stock with an assigned face vale.
Price
Board of Directors
Par-value Stock
Felony
37. The act of transferring ownership of a negotiable instrument to another party.
Discharge
Identified Goods
Arrest
Negotiation
38. Customs that have become recognized by the courts as binding on the community.
Common Law
Booking
Creditor Beneficiary
Contractual Capability
39. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Novation
Preferred Stock
Assignment
Executed Contracts
40. Those contracts in which the terms have not been completely executed or fulfilled.
Dormant or sleeping partner
Executory Contracts
Formal Contract
Consignee
41. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Implied Contract
Warranties
Holder
Private Corporation
42. To take into police custody.
Arrest
Booking
Corporation
Express Authority
43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Employer
Breach of Contract
Criminal Law
Endorser
44. Person not party to a contract - but whom parties intended to benefit.
Crime
Assignee
Third Party Beneficiary
Certificate of Deposit
45. One in possession of commercial paper.
Defendant
Consignee
Common Stock
Holder
46. A contract which will be enforced by the court.
Implied Contract
Valid Contract
Business Law
Accord and Satisfaction
47. A corporation formed by individuals to form some non-governmental function.
Misrepresentation
Private Corporation
Arraignment
Offer
48. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Special Endorsement
Endorser
Offeror
49. A criminal offense which is neither treason nor a felony.
Identified Goods
Real Property
Misdemeanor
Usurious
50. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Appellate Court
Executed Contracts
Creditor Beneficiary
Statute of Limitations
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