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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. A contract remedy by which the court requires the breaching party to perform the contract.
Consignor
Intangible Personal Property
Subchapter S Corporation
Special Performance
2. A written request initiating a civil suit.
Authority
Petition (Complaint)
Intangible Personal Property
Common Stock
3. An agreement to an offer resulting in a contract.
Plaintiff
Acceptance
Alien corporation
Necessaries (Necessities)
4. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Certified Check
Criminal Law
Counteroffer
5. A means whereby one party conveys rights to another person who is not a party to the original contract.
Service Contracts
Assignment
Capital Stock
Alien corporation
6. A criminal offense which is neither treason nor a felony.
Liquidated Damages
Discovery
Misdemeanor
Discharge
7. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Rescission
Arrest
Executed Contracts
Defendant
8. 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.
Merchant
Bailee
Implied Contract
Employee
9. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Partnership
Tort
Promissory Estoppel
10. Courts that conduct the original trial and render their decision.
Ordinances
Trial Courts
Implied Contract
Antitrust
11. 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.
Consignee
Existing Goods
Draft
Commercial Paper (Negotiable Instrument)
12. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Punitive Damages
Statute of Frauds
Executory Contracts
13. One authorized by the principal to execute specific acts.
Revocation
Special Agent
Acceptance
Unenforceable Contract
14. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Law (Blackstone's Definition)
Private Corporation
Contract to Sell
Ratification
15. An endorsement which prevents the use of the instrument for anything except the stated use.
Offeror
Restrictive Endorsement
Subchapter S Corporation
Void Contract
16. An individual who takes no active part in the management of a business but has capital invested in the business.
Usurious
Silent Partner
Express Contract
Novation
17. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Identified Goods
Petition (Complaint)
Voidable Contract
Draft
18. 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.
Employer
Public Corporation
Statute of Frauds
Valid Contract
19. The signature or statement of purpose by the owner on the back of the instrument.
Contractual Capability
Endorsement
Special Performance
Tort
20. Pretrial steps taken to learn the details of the case.
Assignee
Offeree
Capital Stock
Discovery
21. The person to whom an offer is made.
Par-value Stock
Complaint (petition)
Negligence
Offeree
22. The party making the assignment.
Promissory Note
Assignor
Punitive Damages
Drawer
23. Stock reacquired by a corporation.
Treasury Stock
Business Law
Crime
Contract
24. Court hearing cases appealed from lower courts.
Breach of Contract
Special Performance
Appellate Court
Promoter
25. The party to whom any negotiable instrument is made payable.
Payee
Alien corporation
Warranties
Nominal Damages
26. An agent's authority to do things not specifically authorized in order to carry out express authority.
Offeror
Order Paper
Implied Authority
Secret Partner
27. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Valid Contract
Breach of Contract
Bailee
Ordinances
28. 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
Consideration
Process (Summons)
Certified Check
Independent Contractor
29. Any contract other than a formal contract - whether written - oral or implied.
Necessaries (Necessities)
Endorser
Ordinances
Simple Contract
30. A judicial order or decree forbidding the performance of a certain act.
Consideration
Creditor Beneficiary
Implied Authority
Injunction
31. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Common Stock
Stare Decisis
Creditor Beneficiary
Drawer
32. Movable tangible personal property.
Limited Partner
Certified Check
Express Authority
Goods
33. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Limited Partner
Agent
Arrest
Bailor
34. Stock that entitles owner vote.
Property
Common Stock
Dormant or sleeping partner
Rescission
35. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Valid Contract
Shareholders (Stockholders)
Minor
Assignor
36. Anything that may be owned.
Common Law
Restrictive Endorsement
Property
Tort
37. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Express Contract
Beneficiary
Statute of Limitations
Silent Partner
38. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Existing Goods
Goods
Public Corporation
39. 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.
Merchant
Common Law
Check
Negligence
40. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Statutes
Executed Contracts
Promissory Note
41. 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
Sale
Offer
Endorsement
42. The person who executes a promissory note.
Maker
Existing Goods
Statutes
Revocation
43. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Promoter
Subchapter S Corporation
Petition (Complaint)
Trial Courts
44. Customs that have become recognized by the courts as binding on the community.
Goods
Rescission
Common Law
Promissory Note
45. An agreement between two or more competent persons which is enforceable by law.
Goods
Valid Contract
Subchapter S Corporation
Contract
46. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
General Partner
Crime
Negotiable Instrument (Commercial Paper)
Domestic corporation
47. 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.
Third Party Beneficiary
Statute of Limitations
Fiduciary
Draft
48. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Assignment
Plaintiff
Creditor Beneficiary
Criminal Law
49. A check for which the bank assures that the drawer has sufficient funds to make payment.
Valid Contract
Undue Influence
Certified Check
Dormant or sleeping partner
50. 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.
Beneficiary
Fiduciary
Process (Summons)
Executory Contracts