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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 writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Tort
Unilateral Contract
Negotiable Instrument (Commercial Paper)
Treasury Stock
2. Stock reacquired by a corporation.
Par-value Stock
Duress
Maker
Treasury Stock
3. Partner active in a business unknown to the public.
Cashier's Check
Bailee
Secret Partner
Property
4. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Express Authority
Process (Summons)
Implied Contract
Uniform Commercial Code
5. The person who executes a promissory note.
Identified Goods
Treasury Stock
Summons (Process)
Maker
6. Stating an untrue fact.
Minor
Secret Partner
Consignor
Misrepresentation
7. Power to act for someone else.
Public Corporation
Answer
Malpractice
Authority
8. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Common Stock
Fiduciary
Endorser
Undue Influence
9. Stock that entitles owner vote.
Independent Contractor
Personal Property
Nominal Damages
Common Stock
10. A warranty imposed by law - arising automatically because the sale has been made.
Appellate Court
Goods
Contract to Sell
Implied Warranties
11. Having no words other than the signature of the endorser.
Identified Goods
Blank Endorsement
Foreign Corporation
Formal Contract
12. The person - company - or financial institution ordered to pay a draft.
Third Party Beneficiary
Drawee
Public Corporation
Bearer Paper
13. The party who initiates - or makes - an offer.
Discharge
Offeror
Arrest
Offeree
14. That which the promisor demands and receives as the price for a promise.
Misdemeanor
Bill of Sale
Foreign Corporation
Consideration
15. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Express Contract
Warranties
Express Authority
Existing Goods
16. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Necessaries (Necessities)
Negligence
Shareholders (Stockholders)
Price
17. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Price
Breach of Contract
Consignee
Executed Contracts
18. A criminal offense which is neither treason nor a felony.
Unenforceable Contract
Misdemeanor
Foreign Corporation
Duress
19. 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.
General Agent
Express Contract
Ratification
Employee
20. 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.
Dormant or sleeping partner
Summons (Process)
Promoter
Par-value Stock
21. Land and those objects permanently attached to land. Rejection refusal to accept.
Contractual Capability
Certified Check
Real Property
Cashier's Check
22. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Drawer
Contract to Sell
Payee
23. A written request initiating a civil suit.
Domestic corporation
Sole proprietorship
Petition (Complaint)
Sale
24. 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.
Duress
Authority
Process (Summons)
Contract
25. The transfer of possession but not the title of personal property by one party to another - under agreement.
Order Paper
Discharge
Bailment
Statute of Frauds
26. One in possession of commercial paper.
Dormant or sleeping partner
Holder
Bearer
Order Paper
27. Court hearing cases appealed from lower courts.
Negotiation
Appellate Court
Summons (Process)
Contractual Capability
28. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Business Law
Certified Check
Bailee
Sherman Antitrust Act
29. One who takes initial steps to form corporation.
Promoter
Executed Contracts
Contractual Capability
Bailor
30. A contract remedy by which the court requires the breaching party to perform the contract.
Creditor Beneficiary
Trial Courts
Special Performance
Disaffirmance
31. Laws enacted by local municipalities.
Antitrust
Ordinances
Ratification
Shareholders (Stockholders)
32. Official document detailing a defendant's defense.
Minor
Foreign Corporation
Common Law
Answer
33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Nominal Partner
Minor
Ordinances
Restrictive Endorsement
34. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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35. 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
Personal Property
Cashier's Check
Property
Independent Contractor
36. A person in possession of an instrument.
Negotiation
Tort
Contract
Bearer
37. To take into police custody.
Stare Decisis
Void Contract
Arrest
Fiduciary
38. 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.
Special Performance
Crime
Cashier's Check
Employer
39. A commercial paper payable to bearer; i.e. to the person having possession of such.
Liquidated Damages
Bearer Paper
Nominal Partner
Acceptance
40. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Dormant or sleeping partner
Bearer Paper
Restrictive Endorsement
41. Courts that conduct the original trial and render their decision.
Contract
Trial Courts
Close (closed - closely held) corporation
Promissory Estoppel
42. The person against whom legal action is brought. 1
Negotiation
Discharge
Defendant
Public Corporation
43. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Liquidated Damages
Revocation
Shareholders (Stockholders)
Promissory Estoppel
44. 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.
Creditor Beneficiary
Public Corporation
Injunction
Bailor
45. Laws dealing with crimes and the punishment of wrongdoers.
Statute of Limitations
Criminal Law
Antitrust
Warranties
46. A law that restricts the period of time within which an action may be brought to court.
Foreign Corporation
Statute of Limitations
Endorser
Novation
47. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Disaffirmance
Special Endorsement
Corporation
Commercial Paper (Negotiable Instrument)
48. Person who pretends to be a partner or permits others to represent him or her as a partner.
Price
Negligence
Nominal Partner
Third Party Beneficiary
49. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Warranties
Employer
Express Contract
Negotiable Instrument (Commercial Paper)
50. The party who acquires possession but not the title of personal property in a bailment.
Express Authority
Bill of Sale
Bailee
Bill of Lading