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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 corporation formed to carry out government functions.
Beneficiary
Certified Check
Assignor
Public Corporation
2. The person against whom legal action is brought. 1
Par-value Stock
Assignor
Endorser
Defendant
3. 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
Assignor
Negligence
Offer
Offeree
4. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Personal Property
Independent Contractor
Punitive Damages
Creditor Beneficiary
5. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Promissory Note
Ratification
Merchant
Warranties
6. The party to whom the assignment is made.
Contractual Capability
Assignee
Maker
Private Corporation
7. A person in possession of an instrument.
Private Corporation
Consideration
Bearer
Law (Blackstone's Definition)
8. 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.
Assignor
Malpractice
Employee
Punitive Damages
9. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Special Agent
Subchapter S Corporation
Tort
Plaintiff
10. That consideration stipulated by contract - generally expressed in money or money's worth.
Revocation
Close (closed - closely held) corporation
Implied Contract
Price
11. Person not party to a contract - but whom parties intended to benefit.
Bill of Lading
Independent Contractor
Sherman Antitrust Act
Third Party Beneficiary
12. Land and those objects permanently attached to land. Rejection refusal to accept.
Contract
Booking
Bailor
Real Property
13. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Express Authority
Draft
Answer
Limited Partner
14. Those goods which are not in existence at the time a contract is agreed to.
Property
Statute of Frauds
Drawee
Future Goods
15. 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.
Offeree
Personal Property
Summons (Process)
Restrictive Endorsement
16. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negligence
Goods
Independent Contractor
Negotiable Instrument (Commercial Paper)
17. Stock reacquired by a corporation.
Treasury Stock
Summons (Process)
Sole proprietorship
Draft
18. A document of conveyance that provides written evidence of one's title to tangible personal property.
Nominal Partner
Bill of Sale
Shareholders (Stockholders)
Drawer
19. Movable tangible personal property.
Nominal Partner
Usurious
Public Corporation
Goods
20. 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.
Implied Warranties
General Agent
Personal Property
Bailee
21. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
General Partner
Par-value Stock
Promoter
22. A criminal offense which is neither treason nor a felony.
Offeree
Negligence
Misdemeanor
Board of Directors
23. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Commercial Paper (Negotiable Instrument)
Judgment
Subchapter S Corporation
Consignee
24. 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
Criminal Law
Booking
Rescission
Law (Blackstone's Definition)
25. Laws which are enacted by legislative bodies.
Maker
Statutes
Bailee
Donee Beneficiary
26. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Alien corporation
Fiduciary
Negligence
Business Law
27. 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.
Bailor
Complaint (petition)
Draft
Creditor Beneficiary
28. The individual who initiates a civil action.
Plaintiff
Limited Partner
Special Agent
Consignor
29. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Undue Influence
Sale
Common Law
Compensatory Damages
30. Laws enacted by local municipalities.
Unilateral Contract
Ordinances
Misrepresentation
Special Endorsement
31. Partner active in a business unknown to the public.
Secret Partner
Ordinances
Real Property
Misrepresentation
32. An endorsement which limits the liability of the endorser.
Malpractice
Voidable Contract
Executed Contracts
Qualified Endorsement
33. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Identified Goods
Bailee
Holder
34. Person who writes his or her name on back of instrument.
Criminal Law
Counteroffer
Promissory Estoppel
Endorser
35. Stock that entitles owner vote.
Assignee
Partnership
Third Party Beneficiary
Common Stock
36. Canceling - annulling - avoiding.
Ratification
Offeror
Rescission
Order Paper
37. 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.
Implied Warranties
Summons (Process)
Limited Partner
Partnership
38. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Drawer
Sale
Sherman Antitrust Act
Price
39. Laws dealing with crimes and the punishment of wrongdoers.
Duress
Par-value Stock
Criminal Law
Void Contract
40. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Undue Influence
Secret Partner
Stockholders (Shareholders)
Executed Contracts
41. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Acceptance
Ratification
Holder
42. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Certified Check
Consignor
Shareholders (Stockholders)
Process (Summons)
43. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Offeree
Discharge
Dormant or sleeping partner
44. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Contract
Limited Liability Corporation
Answer
Misdemeanor
45. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Discharge
Complaint (petition)
Treasury Stock
Undue Influence
46. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Consignee
Statutes
Process (Summons)
47. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Special Agent
Trial Courts
Summons (Process)
48. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Contract to Sell
Bill of Lading
Sole proprietorship
Beneficiary
49. The transfer of possession but not the title of personal property by one party to another - under agreement.
Injunction
Bailment
Antitrust
Secret Partner
50. A warranty imposed by law - arising automatically because the sale has been made.
Counteroffer
General Partner
Express Contract
Implied Warranties