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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. Laws which seek to promote competition among businesses.
Common Law
Stare Decisis
Antitrust
Commercial Paper (Negotiable Instrument)
2. The person to whom an offer is made.
Summons (Process)
Offeree
Private Corporation
Merchant
3. A corporation formed to carry out government functions.
Fraud
Public Corporation
Implied Authority
Offeror
4. 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).
Defendant
Private Corporation
Contract
Close (closed - closely held) corporation
5. An expression of willingness to enter a contractual agreement.
Treasury Stock
Injunction
Express Warranty
Offer
6. Declared value of outstanding stock.
Misdemeanor
Express Contract
Capital Stock
Secret Partner
7. Those goods which are - at the time of the contract - in existence and owned by the seller.
Sale
Identified Goods
Statute of Frauds
Existing Goods
8. 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.
Employer
Beneficiary
Minor
Draft
9. The change of one of the parties to a contract at the mutual agreement of the original parties.
Express Contract
Antitrust
Bill of Sale
Novation
10. Stock with an assigned face vale.
Employee
Summons (Process)
Par-value Stock
Draft
11. A criminal offense that is punishable by confinement in prison or by death.
Bill of Lading
Close (closed - closely held) corporation
Capital Stock
Felony
12. The party who gives up possession - but not title - of property in a bailment.
Bailor
Offeree
Domestic corporation
Offeror
13. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Negligence
Stare Decisis
Future Goods
14. 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
Statutes
Principal
Consideration
15. Person who writes his or her name on back of instrument.
Contract
Endorser
Assignee
Uniform Commercial Code
16. 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.
Third Party Beneficiary
Merchant
Petition (Complaint)
Check
17. Power to act for someone else.
Express Contract
Authority
Statute of Limitations
Statute of Frauds
18. 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.
Silent Partner
Valid Contract
Process (Summons)
Restrictive Endorsement
19. An agreement of no legal effect.
Limited Partner
Void Contract
Drawee
Process (Summons)
20. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Contract to Sell
Unilateral Contract
Independent Contractor
Negotiation
21. Any contract other than a formal contract - whether written - oral or implied.
Price
Void Contract
Simple Contract
Contract
22. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Corporation
Independent Contractor
Nominal Partner
Business Law
23. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Board of Directors
Discharge
Executed Contracts
Negotiable Instrument (Commercial Paper)
24. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Special Performance
Discharge
Compensatory Damages
25. The party making the assignment.
Felony
Assignor
Void Contract
Negligence
26. The person who executes any draft.
Special Performance
Drawer
Certified Check
General Agent
27. A party who appoints a second party to serve as an agent.
Service Contracts
Personal Property
Principal
Fiduciary
28. An agreement which is not in the form required by law.
Unenforceable Contract
Bailee
Sale
Injunction
29. A check for which the bank assures that the drawer has sufficient funds to make payment.
Board of Directors
Statutes
Certified Check
Discharge
30. The party who acquires possession but not the title of personal property in a bailment.
Defendant
Bailee
Bill of Sale
Contractual Capability
31. 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.
Bearer Paper
Limited Liability Corporation
Employee
Duress
32. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Misrepresentation
Punitive Damages
Warranties
Bearer Paper
33. A commercial paper payable to bearer; i.e. to the person having possession of such.
Defendant
Real Property
Special Endorsement
Bearer Paper
34. The goods specified by the buyer and seller.
Void Contract
Identified Goods
Assignment
Cashier's Check
35. A body of persons elected by the stockholders to define and establish corporate policy.
Common Stock
Third Party Beneficiary
Employee
Board of Directors
36. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Bearer
Unenforceable Contract
Criminal Law
37. The act of transferring ownership of a negotiable instrument to another party.
Warranties
Negotiation
Revocation
Certificate of Deposit
38. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Punitive Damages
Valid Contract
Breach of Contract
Arrest
39. Pretrial steps taken to learn the details of the case.
Discovery
Arrest
Employee
Necessaries (Necessities)
40. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Void Contract
Board of Directors
Limited Liability Corporation
Minor
41. Official document detailing a defendant's defense.
Common Law
Executory Contracts
Limited Partner
Answer
42. An offense which is injurious to society as a whole.
Crime
Negotiation
Public Corporation
Arrest
43. That which the promisor demands and receives as the price for a promise.
Endorsement
Accord and Satisfaction
Consideration
Antitrust
44. An agreement between two or more competent persons which is enforceable by law.
Silent Partner
Personal Property
Contract
Nominal Damages
45. Stock that entitles owner vote.
Common Stock
Ratification
Complaint (petition)
General Partner
46. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Implied Authority
Discharge
Intangible Personal Property
Beneficiary
47. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Cashier's Check
Malpractice
Acceptance
Uniform Commercial Code
48. One to whom goods are shipped by common carrier.
Stare Decisis
Minor
Consignee
Employer
49. Partner unknown to public with no part in management.
Dormant or sleeping partner
Malpractice
Bearer Paper
Holder
50. A decision of a court.
Implied Authority
Judgment
Formal Contract
Qualified Endorsement