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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. The repudiation of - or election to avoid - a voidable contract.
Compensatory Damages
Disaffirmance
Unilateral Contract
Intangible Personal Property
2. 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.
Promoter
Partnership
Qualified Endorsement
Negotiation
3. An endorsement which designates the particular person to whom payment is to be made.
Executed Contracts
Formal Contract
Special Endorsement
Bailor
4. The necessity that the parties desiring to enter into contracts meet all requirements.
Implied Authority
Express Authority
Subchapter S Corporation
Contractual Capability
5. An agreement between two or more competent persons which is enforceable by law.
Criminal Law
Nominal Partner
Contract
Public Corporation
6. Those contracts in which the terms have not been completely executed or fulfilled.
Executory Contracts
Agent
Uniform Commercial Code
Express Authority
7. Court hearing cases appealed from lower courts.
Appellate Court
Offeror
Consideration
Holder
8. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Promoter
Beneficiary
Restrictive Endorsement
9. Having no words other than the signature of the endorser.
Breach of Contract
Blank Endorsement
General Partner
Consignor
10. 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).
Statute of Frauds
Close (closed - closely held) corporation
Secret Partner
Petition (Complaint)
11. 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.
Employee
Simple Contract
Nominal Damages
Check
12. A corporation formed to carry out government functions.
Public Corporation
Silent Partner
Endorser
Goods
13. An offense which is injurious to society as a whole.
Misdemeanor
Implied Contract
Crime
Silent Partner
14. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Process (Summons)
Principal
Shareholders (Stockholders)
Commercial Paper (Negotiable Instrument)
15. The transfer of possession but not the title of personal property by one party to another - under agreement.
Negotiation
Malpractice
Bailment
Felony
16. 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.
Misdemeanor
Merchant
Compensatory Damages
Fraud
17. A check for which the bank assures that the drawer has sufficient funds to make payment.
Drawer
Implied Contract
Stockholders (Shareholders)
Certified Check
18. Laws enacted by local municipalities.
Merchant
Drawee
Statutes
Ordinances
19. The signature or statement of purpose by the owner on the back of the instrument.
Bailment
Endorsement
Misrepresentation
Limited Partner
20. One who ships goods by common carrier.
Consideration
Existing Goods
Fraud
Consignor
21. An individual who takes no active part in the management of a business but has capital invested in the business.
Arrest
Preferred Stock
Independent Contractor
Silent Partner
22. That which the promisor demands and receives as the price for a promise.
Check
Consideration
Business Law
Fraud
23. 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.
Goods
Silent Partner
Executed Contracts
Malpractice
24. A judicial order or decree forbidding the performance of a certain act.
Injunction
Foreign Corporation
Common Stock
Law (Blackstone's Definition)
25. 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.
Independent Contractor
Third Party Beneficiary
Creditor Beneficiary
Unenforceable Contract
26. The individual who initiates a civil action.
Discovery
Corporation
Close (closed - closely held) corporation
Plaintiff
27. Courts that conduct the original trial and render their decision.
Special Performance
Trial Courts
Express Contract
Negotiable Instrument (Commercial Paper)
28. An endorsement which prevents the use of the instrument for anything except the stated use.
Law (Blackstone's Definition)
Employee
Discharge
Restrictive Endorsement
29. 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
Offer
Negligence
Par-value Stock
Implied Contract
30. 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
Beneficiary
Independent Contractor
Subchapter S Corporation
Endorsement
31. 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.
Silent Partner
Corporation
Executory Contracts
Statute of Frauds
32. Canceling - annulling - avoiding.
Rescission
Promissory Note
Antitrust
Ratification
33. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Private Corporation
Minor
Limited Partner
Nominal Partner
34. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Special Performance
Express Warranty
Business Law
35. Customs that have become recognized by the courts as binding on the community.
Special Performance
Promoter
Board of Directors
Common Law
36. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Contract
Duress
Shareholders (Stockholders)
Intangible Personal Property
37. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Arrest
Revocation
Implied Contract
Express Contract
38. One who takes initial steps to form corporation.
Statute of Frauds
Promoter
Usurious
Nominal Damages
39. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Goods
General Agent
Principal
40. A warranty imposed by law - arising automatically because the sale has been made.
Beneficiary
Business Law
Implied Warranties
Capital Stock
41. An agent's authority to do things not specifically authorized in order to carry out express authority.
Revocation
Foreign Corporation
Implied Authority
Real Property
42. An agreement to an offer resulting in a contract.
Qualified Endorsement
Disaffirmance
Accord and Satisfaction
Acceptance
43. The party making the assignment.
Assignor
Unenforceable Contract
Novation
Booking
44. Land and those objects permanently attached to land. Rejection refusal to accept.
Duress
Preferred Stock
Secret Partner
Real Property
45. An agreement of no legal effect.
Void Contract
Common Law
Intangible Personal Property
Dormant or sleeping partner
46. Official document detailing a defendant's defense.
Warranties
Answer
Close (closed - closely held) corporation
Commercial Paper (Negotiable Instrument)
47. One in possession of commercial paper.
Common Law
Express Authority
Holder
Nominal Partner
48. Charging a person with a crime and asking for that person's plea.
Nominal Partner
Arraignment
Treasury Stock
Check
49. To take into police custody.
Assignee
Draft
Arraignment
Arrest
50. Stock reacquired by a corporation.
Property
Treasury Stock
Real Property
Corporation