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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. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Stare Decisis
Shareholders (Stockholders)
Defendant
Implied Contract
2. 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.
Accord and Satisfaction
Consideration
Personal Property
Check
3. That which the promisor demands and receives as the price for a promise.
Consideration
Bearer
Acceptance
Injunction
4. Partner unknown to public with no part in management.
Necessaries (Necessities)
Bailor
Negligence
Dormant or sleeping partner
5. The person who executes a promissory note.
Drawer
Novation
Misrepresentation
Maker
6. A person in possession of an instrument.
Ratification
Misrepresentation
Bearer
Merchant
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Service Contracts
Personal Property
Limited Partner
8. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Contract
Close (closed - closely held) corporation
Assignor
9. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
General Agent
Warranties
Sherman Antitrust Act
Statute of Frauds
10. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Counteroffer
Petition (Complaint)
Promissory Estoppel
11. The individual who initiates a civil action.
Plaintiff
Capital Stock
Sole proprietorship
Compensatory Damages
12. Stock reacquired by a corporation.
Antitrust
Fiduciary
Treasury Stock
Discharge
13. 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.
Novation
Assignor
Bailee
Creditor Beneficiary
14. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Valid Contract
Secret Partner
Punitive Damages
Preferred Stock
15. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Goods
Limited Partner
Price
Minor
16. Courts that conduct the original trial and render their decision.
Crime
Complaint (petition)
Identified Goods
Trial Courts
17. An endorsement which limits the liability of the endorser.
Stockholders (Shareholders)
Qualified Endorsement
Express Warranty
Limited Partner
18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Agent
Consideration
Blank Endorsement
19. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Revocation
Summons (Process)
Crime
20. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Par-value Stock
Merchant
Alien corporation
21. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Shareholders (Stockholders)
Sale
Ratification
Duress
22. Court hearing cases appealed from lower courts.
Void Contract
Duress
Cashier's Check
Appellate Court
23. Any contract other than a formal contract - whether written - oral or implied.
Booking
Simple Contract
Novation
Common Stock
24. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Common Stock
Domestic corporation
Certificate of Deposit
Revocation
25. Charging a person with a crime and asking for that person's plea.
Unenforceable Contract
Arraignment
Holder
Disaffirmance
26. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Close (closed - closely held) corporation
Creditor Beneficiary
Necessaries (Necessities)
Process (Summons)
27. Operates in the state that granted the charter.
Domestic corporation
Endorser
Third Party Beneficiary
Law (Blackstone's Definition)
28. A body of persons elected by the stockholders to define and establish corporate policy.
Limited Liability Corporation
Express Authority
Board of Directors
Malpractice
29. One in possession of commercial paper.
Bearer
Cashier's Check
Tort
Holder
30. A criminal offense which is neither treason nor a felony.
Misdemeanor
Foreign Corporation
Silent Partner
Endorser
31. An expression of willingness to enter a contractual agreement.
Offer
Summons (Process)
Valid Contract
Personal Property
32. An endorsement which designates the particular person to whom payment is to be made.
Corporation
Special Endorsement
Limited Liability Corporation
Tort
33. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Consignor
Creditor Beneficiary
Assignment
34. The person to whom an offer is made.
Principal
Offeree
Board of Directors
Bailment
35. The contract existing between the consignor (shipper) and the carrier.
Consignor
Existing Goods
Statute of Limitations
Bill of Lading
36. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Merchant
Sole proprietorship
Fiduciary
37. That consideration stipulated by contract - generally expressed in money or money's worth.
Discharge
Tort
Price
Appellate Court
38. Person not party to a contract - but whom parties intended to benefit.
Certificate of Deposit
Beneficiary
Third Party Beneficiary
Ratification
39. The contracting of services rather than goods.
Service Contracts
Statute of Limitations
Contract
Sherman Antitrust Act
40. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Blank Endorsement
Limited Liability Corporation
Special Performance
Board of Directors
41. The change of one of the parties to a contract at the mutual agreement of the original parties.
Alien corporation
Blank Endorsement
Public Corporation
Novation
42. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Uniform Commercial Code
Discharge
Certificate of Deposit
Valid Contract
43. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Future Goods
Alien corporation
Express Contract
44. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Nominal Damages
Special Endorsement
Agent
45. The party who acquires possession but not the title of personal property in a bailment.
Executory Contracts
Complaint (petition)
Blank Endorsement
Bailee
46. An agreement to an offer resulting in a contract.
Counteroffer
Malpractice
Acceptance
Consignee
47. 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.
Discovery
Stockholders (Shareholders)
Bailor
Stare Decisis
48. The person against whom legal action is brought. 1
Tort
Judgment
Defendant
Novation
49. A commercial paper payable to bearer; i.e. to the person having possession of such.
Third Party Beneficiary
Implied Authority
Express Contract
Bearer Paper
50. Having no words other than the signature of the endorser.
Petition (Complaint)
Punitive Damages
Bill of Sale
Blank Endorsement