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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 necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Employer
Nominal Partner
Arrest
2. A check drawn on a bank's own funds and signed by a responsible bank official.
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3. 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.
Consignor
Statute of Frauds
Accord and Satisfaction
Partnership
4. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Novation
Maker
Real Property
5. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Negotiation
Acceptance
Special Performance
6. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Implied Authority
Certificate of Deposit
Simple Contract
7. 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).
Close (closed - closely held) corporation
Shareholders (Stockholders)
Bearer
Treasury Stock
8. A law that restricts the period of time within which an action may be brought to court.
Stare Decisis
Capital Stock
Rescission
Statute of Limitations
9. The repudiation of - or election to avoid - a voidable contract.
Implied Authority
Rescission
Voidable Contract
Disaffirmance
10. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Subchapter S Corporation
Business Law
Drawee
11. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Preferred Stock
Injunction
Contract to Sell
Bailment
12. A body of persons elected by the stockholders to define and establish corporate policy.
Bill of Lading
Offeree
Consignor
Board of Directors
13. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Process (Summons)
Fiduciary
Appellate Court
Certified Check
14. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Identified Goods
Judgment
Warranties
Ordinances
15. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Sole proprietorship
Check
Subchapter S Corporation
16. The party to whom any negotiable instrument is made payable.
Restrictive Endorsement
Payee
Sherman Antitrust Act
Endorser
17. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Foreign Corporation
Preferred Stock
Beneficiary
Injunction
18. Customs that have become recognized by the courts as binding on the community.
Sole proprietorship
Common Law
Identified Goods
Novation
19. The change of one of the parties to a contract at the mutual agreement of the original parties.
Acceptance
Close (closed - closely held) corporation
Certificate of Deposit
Novation
20. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Order Paper
Promissory Note
Accord and Satisfaction
Capital Stock
21. Having no words other than the signature of the endorser.
Blank Endorsement
Assignor
Stockholders (Shareholders)
Breach of Contract
22. Those goods which are not in existence at the time a contract is agreed to.
Executory Contracts
Future Goods
Appellate Court
Express Authority
23. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Consignee
Liquidated Damages
Unilateral Contract
Acceptance
24. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Nominal Partner
Uniform Commercial Code
Cashier's Check
Promissory Estoppel
25. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Promoter
Order Paper
Felony
Void Contract
26. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Private Corporation
Restrictive Endorsement
Business Law
Limited Liability Corporation
27. Stock that entitles owner vote.
Board of Directors
Bailee
Simple Contract
Common Stock
28. Person not party to a contract - but whom parties intended to benefit.
Promissory Note
Third Party Beneficiary
Arraignment
Usurious
29. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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30. Land and those objects permanently attached to land. Rejection refusal to accept.
Novation
Implied Warranties
Real Property
Promissory Estoppel
31. All property which is not real property.
Usurious
Personal Property
Sherman Antitrust Act
Ratification
32. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Felony
Bearer
Novation
33. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Warranties
Sole proprietorship
Liquidated Damages
Rescission
34. 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.
Process (Summons)
Certificate of Deposit
Voidable Contract
Domestic corporation
35. 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.
Third Party Beneficiary
Property
Implied Warranties
Statute of Frauds
36. A corporation formed to carry out government functions.
Public Corporation
Draft
Express Contract
Express Warranty
37. To take into police custody.
Corporation
Merchant
Arrest
Agent
38. 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
Contractual Capability
Service Contracts
Rescission
Negligence
39. The party who gives up possession - but not title - of property in a bailment.
Tort
Stare Decisis
Bailor
Offer
40. Exceeding the maximum rate of interest which may be charged on loans.
Qualified Endorsement
Usurious
Foreign Corporation
Express Authority
41. Those contracts that must be in special form or produced in a certain way - such as under seal.
Novation
Valid Contract
Duress
Formal Contract
42. The party who initiates - or makes - an offer.
Unilateral Contract
Drawee
Offeror
Implied Authority
43. The person who executes any draft.
Drawer
Agent
Special Agent
Common Stock
44. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Arraignment
Subchapter S Corporation
Draft
45. A negotiable instrument containing a promise to pay.
Drawee
Promissory Note
Crime
Revocation
46. One that is incorporated in a foreign country.
Antitrust
Capital Stock
Process (Summons)
Alien corporation
47. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Express Authority
Express Contract
Punitive Damages
48. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Criminal Law
Creditor Beneficiary
Commercial Paper (Negotiable Instrument)
49. 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.
Acceptance
Negotiable Instrument (Commercial Paper)
Usurious
General Agent
50. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Cashier's Check
Fiduciary
Property
Counteroffer