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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 contract existing between the consignor (shipper) and the carrier.
Limited Partner
Felony
Bill of Lading
Misdemeanor
2. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Fraud
Promissory Estoppel
Real Property
Minor
3. A warranty imposed by law - arising automatically because the sale has been made.
Order Paper
Commercial Paper (Negotiable Instrument)
Independent Contractor
Implied Warranties
4. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Service Contracts
Limited Liability Corporation
Corporation
Express Authority
5. The person who executes a promissory note.
Implied Warranties
Maker
Undue Influence
Statute of Limitations
6. Courts that conduct the original trial and render their decision.
Trial Courts
Blank Endorsement
Executory Contracts
Appellate Court
7. 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.
Private Corporation
Revocation
Process (Summons)
Consignee
8. The party who acquires possession but not the title of personal property in a bailment.
Undue Influence
Bailee
Duress
Promoter
9. A corporation formed by individuals to form some non-governmental function.
Bill of Lading
Private Corporation
Injunction
Simple Contract
10. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Offeror
Contractual Capability
Sole proprietorship
11. The contracting of services rather than goods.
Service Contracts
Sherman Antitrust Act
Summons (Process)
Usurious
12. Stating an untrue fact.
Voidable Contract
Cashier's Check
Fiduciary
Misrepresentation
13. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stare Decisis
Certificate of Deposit
Shareholders (Stockholders)
Fiduciary
14. A body of persons elected by the stockholders to define and establish corporate policy.
Process (Summons)
Common Stock
Board of Directors
Defendant
15. The party to whom any negotiable instrument is made payable.
Unilateral Contract
Payee
Capital Stock
Maker
16. 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.
Check
Statute of Frauds
Common Law
Drawee
17. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Holder
Punitive Damages
Negotiable Instrument (Commercial Paper)
Common Stock
18. All property which is not real property.
Simple Contract
Injunction
Bailment
Personal Property
19. An endorsement which limits the liability of the endorser.
Special Endorsement
Misdemeanor
Injunction
Qualified Endorsement
20. A corporation formed to carry out government functions.
Counteroffer
Public Corporation
Defendant
Special Agent
21. A written request initiating a civil suit.
Arrest
Executed Contracts
Complaint (petition)
Necessaries (Necessities)
22. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Appellate Court
Ordinances
Sherman Antitrust Act
Stare Decisis
23. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Endorser
Undue Influence
Intangible Personal Property
Par-value Stock
24. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Negligence
Limited Liability Corporation
Accord and Satisfaction
Preferred Stock
25. The party making the assignment.
Assignor
Negligence
Statute of Frauds
Executory Contracts
26. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Statute of Frauds
Check
Assignee
Express Contract
27. Operates in the state that granted the charter.
Simple Contract
Goods
Contractual Capability
Domestic corporation
28. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Commercial Paper (Negotiable Instrument)
Statute of Limitations
Liquidated Damages
Future Goods
29. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Special Endorsement
Arrest
Executory Contracts
30. A business owned by one person.
Sole proprietorship
Real Property
Novation
Principal
31. 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.
General Agent
Statute of Frauds
Assignee
Fraud
32. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Unilateral Contract
Voidable Contract
Offeree
Shareholders (Stockholders)
33. Laws which seek to promote competition among businesses.
Rescission
Antitrust
Usurious
Novation
34. The party who initiates - or makes - an offer.
Crime
Contract to Sell
Breach of Contract
Offeror
35. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailor
Treasury Stock
Bailment
Qualified Endorsement
36. 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.
Special Performance
Beneficiary
Statute of Frauds
Sherman Antitrust Act
37. The authority of an agent - stated in the document or agreement creating the agency.
Antitrust
Bill of Lading
Express Authority
Stare Decisis
38. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Tort
Limited Liability Corporation
Warranties
Liquidated Damages
39. One in possession of commercial paper.
Draft
Holder
Service Contracts
Disaffirmance
40. To take into police custody.
Process (Summons)
Arrest
Criminal Law
Domestic corporation
41. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Malpractice
Nominal Damages
Private Corporation
Independent Contractor
42. A check for which the bank assures that the drawer has sufficient funds to make payment.
Warranties
Partnership
Implied Authority
Certified Check
43. The goods specified by the buyer and seller.
Assignee
Identified Goods
Shareholders (Stockholders)
Bill of Sale
44. Official document detailing a defendant's defense.
Answer
Par-value Stock
Offeree
Employer
45. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Drawee
Blank Endorsement
Felony
46. An expression of willingness to enter a contractual agreement.
Domestic corporation
Criminal Law
Shareholders (Stockholders)
Offer
47. An endorsement which prevents the use of the instrument for anything except the stated use.
Promoter
Beneficiary
Warranties
Restrictive Endorsement
48. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Defendant
Contract to Sell
Secret Partner
Limited Liability Corporation
49. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Revocation
Existing Goods
Maker
Discharge
50. 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
Ordinances
Independent Contractor
Voidable Contract
Criminal Law