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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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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 signature or statement of purpose by the owner on the back of the instrument.
Par-value Stock
Process (Summons)
Endorsement
Summons (Process)
2. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Restrictive Endorsement
Bill of Lading
Corporation
3. A written request initiating a civil suit.
Sale
Disaffirmance
Petition (Complaint)
Liquidated Damages
4. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Private Corporation
Misrepresentation
Negotiable Instrument (Commercial Paper)
Counteroffer
5. A check drawn on a bank's own funds and signed by a responsible bank official.
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6. 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.
Undue Influence
Endorser
Common Law
Draft
7. Exceeding the maximum rate of interest which may be charged on loans.
Bailor
Agent
Close (closed - closely held) corporation
Usurious
8. Any contract other than a formal contract - whether written - oral or implied.
Bailee
Simple Contract
Unilateral Contract
Employer
9. A party who appoints a second party to serve as an agent.
Booking
Principal
Public Corporation
Close (closed - closely held) corporation
10. A negotiable instrument containing a promise to pay.
Promissory Note
Special Endorsement
Voidable Contract
Common Stock
11. An offense which is injurious to society as a whole.
Existing Goods
Subchapter S Corporation
Crime
Minor
12. Stock with an assigned face vale.
Petition (Complaint)
Treasury Stock
Misrepresentation
Par-value Stock
13. Charging a person with a crime and asking for that person's plea.
Arraignment
Revocation
Offeree
Trial Courts
14. Person who writes his or her name on back of instrument.
Undue Influence
Identified Goods
Endorser
Novation
15. The person who executes a promissory note.
Endorsement
Maker
Counteroffer
Plaintiff
16. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Price
Foreign Corporation
Future Goods
17. One in possession of commercial paper.
Antitrust
Implied Contract
Goods
Holder
18. 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.
Real Property
Partnership
Discharge
Breach of Contract
19. Land and those objects permanently attached to land. Rejection refusal to accept.
Treasury Stock
Negotiation
Real Property
Complaint (petition)
20. 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.
Future Goods
Check
Nominal Damages
Creditor Beneficiary
21. A business owned by one person.
Executory Contracts
Sole proprietorship
Assignor
Implied Warranties
22. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Alien corporation
General Partner
Discharge
Third Party Beneficiary
23. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Trial Courts
Promoter
Contract to Sell
Offeree
24. An agent's authority to do things not specifically authorized in order to carry out express authority.
Service Contracts
Implied Authority
Treasury Stock
Statutes
25. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Fiduciary
Formal Contract
Maker
26. 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.
Qualified Endorsement
Booking
Order Paper
Merchant
27. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Commercial Paper (Negotiable Instrument)
Statute of Limitations
Payee
Revocation
28. Movable tangible personal property.
Check
Private Corporation
Goods
Capital Stock
29. One who ships goods by common carrier.
Necessaries (Necessities)
Arraignment
Consignor
Alien corporation
30. A corporation formed by individuals to form some non-governmental function.
Negotiable Instrument (Commercial Paper)
Private Corporation
Stare Decisis
Partnership
31. The contracting of services rather than goods.
Qualified Endorsement
Consideration
Beneficiary
Service Contracts
32. A document of conveyance that provides written evidence of one's title to tangible personal property.
Stare Decisis
Goods
Bill of Sale
Assignor
33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Assignee
Third Party Beneficiary
Certified Check
Minor
34. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Shareholders (Stockholders)
Corporation
Commercial Paper (Negotiable Instrument)
Warranties
35. One that is incorporated in a foreign country.
Limited Partner
Promissory Estoppel
Alien corporation
Beneficiary
36. 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.
Negotiable Instrument (Commercial Paper)
Bailment
Corporation
Summons (Process)
37. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Future Goods
Uniform Commercial Code
Executed Contracts
Draft
38. A judicial order or decree forbidding the performance of a certain act.
Drawer
Injunction
Statute of Limitations
Bailment
39. Power to act for someone else.
Authority
Express Contract
Dormant or sleeping partner
Injunction
40. Laws dealing with crimes and the punishment of wrongdoers.
Duress
Implied Warranties
Judgment
Criminal Law
41. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Order Paper
Promoter
Bailor
Unilateral Contract
42. 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
Certified Check
Implied Warranties
Consideration
43. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Contract to Sell
Order Paper
Corporation
Booking
44. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Uniform Commercial Code
Personal Property
Nominal Damages
45. 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.
Usurious
Duress
Independent Contractor
Promoter
46. Partner unknown to public with no part in management.
Disaffirmance
Corporation
Accord and Satisfaction
Dormant or sleeping partner
47. The party making the assignment.
Board of Directors
Public Corporation
Assignor
Injunction
48. The party who acquires possession but not the title of personal property in a bailment.
Answer
Common Law
Crime
Bailee
49. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Void Contract
Principal
Holder
Promissory Estoppel
50. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Assignment
Ordinances
Petition (Complaint)
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