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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. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Future Goods
Complaint (petition)
Assignment
2. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Stockholders (Shareholders)
Property
Arrest
3. 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
Goods
Booking
Board of Directors
Arrest
4. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Warranties
Maker
Implied Contract
Executory Contracts
5. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Arrest
Novation
Void Contract
Statute of Frauds
6. 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.
Stare Decisis
Liquidated Damages
General Agent
Service Contracts
7. The party who gives up possession - but not title - of property in a bailment.
Defendant
Stockholders (Shareholders)
Board of Directors
Bailor
8. Anything that may be owned.
Service Contracts
Bearer Paper
Property
Implied Authority
9. The party who initiates - or makes - an offer.
Negligence
Partnership
Offeror
Common Stock
10. Power to act for someone else.
Implied Contract
Accord and Satisfaction
Authority
Complaint (petition)
11. The person to whom an offer is made.
Offeree
Appellate Court
Contract to Sell
Public Corporation
12. 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.
Partnership
Blank Endorsement
Restrictive Endorsement
Price
13. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Executed Contracts
Uniform Commercial Code
Revocation
Close (closed - closely held) corporation
14. A law that restricts the period of time within which an action may be brought to court.
Void Contract
Merchant
Statute of Limitations
Assignor
15. 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
Negligence
Bearer Paper
Business Law
Valid Contract
16. A person in possession of an instrument.
Voidable Contract
Corporation
Bearer
Felony
17. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Nominal Damages
Assignment
Qualified Endorsement
18. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Contract to Sell
Acceptance
Special Endorsement
Fraud
19. 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.
Booking
Check
Process (Summons)
Limited Liability Corporation
20. An agent's authority to do things not specifically authorized in order to carry out express authority.
Malpractice
Implied Authority
Statute of Limitations
Intangible Personal Property
21. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Future Goods
Commercial Paper (Negotiable Instrument)
Void Contract
22. The person against whom legal action is brought. 1
Contract
Bailor
Payee
Defendant
23. 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.
Punitive Damages
Promoter
Merchant
Tort
24. Stating an untrue fact.
Bailment
General Partner
Misrepresentation
Foreign Corporation
25. One who takes initial steps to form corporation.
Limited Liability Corporation
Executed Contracts
Promoter
Misrepresentation
26. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Offer
Express Contract
Minor
Bill of Lading
27. A decision of a court.
Promoter
Endorsement
Common Stock
Judgment
28. Stock reacquired by a corporation.
Cashier's Check
Treasury Stock
Nominal Damages
Statute of Limitations
29. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Contract to Sell
Certificate of Deposit
Alien corporation
Payee
30. That which the promisor demands and receives as the price for a promise.
Consideration
Law (Blackstone's Definition)
Private Corporation
Sale
31. The goods specified by the buyer and seller.
Identified Goods
General Agent
Valid Contract
Counteroffer
32. 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
Beneficiary
Tort
Discharge
33. 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.
Intangible Personal Property
Accord and Satisfaction
Summons (Process)
Beneficiary
34. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Authority
Promissory Note
Punitive Damages
Counteroffer
35. Partner active in a business unknown to the public.
Maker
Secret Partner
Domestic corporation
Breach of Contract
36. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Intangible Personal Property
Statutes
Assignee
37. Laws which are enacted by legislative bodies.
Statutes
Endorsement
Certified Check
Authority
38. The party to whom the assignment is made.
Stockholders (Shareholders)
Assignee
Intangible Personal Property
Consignee
39. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Contractual Capability
Arrest
Goods
40. Operates in the state that granted the charter.
Domestic corporation
Principal
General Agent
Criminal Law
41. A negotiable instrument containing a promise to pay.
Implied Warranties
Identified Goods
Unilateral Contract
Promissory Note
42. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Disaffirmance
Goods
Independent Contractor
43. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Certified Check
Contract
Unilateral Contract
Unenforceable Contract
44. A commercial paper payable to bearer; i.e. to the person having possession of such.
Endorsement
Identified Goods
Merchant
Bearer Paper
45. One in possession of commercial paper.
Summons (Process)
Executed Contracts
Holder
Sale
46. One to whom goods are shipped by common carrier.
Consignee
Existing Goods
Sherman Antitrust Act
Breach of Contract
47. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Complaint (petition)
Price
Void Contract
48. The person who executes a promissory note.
Maker
Formal Contract
Consideration
Bearer
49. 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.
Restrictive Endorsement
Criminal Law
Negotiation
Employee
50. An endorsement which limits the liability of the endorser.
Revocation
Existing Goods
Qualified Endorsement
Employee