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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. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Misdemeanor
Warranties
Undue Influence
Limited Partner
2. Those contracts that must be in special form or produced in a certain way - such as under seal.
Undue Influence
Formal Contract
Petition (Complaint)
Consideration
3. The individual who initiates a civil action.
Plaintiff
Creditor Beneficiary
Unenforceable Contract
Liquidated Damages
4. Partner unknown to public with no part in management.
Plaintiff
Dormant or sleeping partner
Bill of Sale
Contract to Sell
5. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Arrest
Accord and Satisfaction
Private Corporation
6. A negotiable instrument containing a promise to pay.
Promissory Estoppel
Treasury Stock
Promissory Note
Secret Partner
7. A person in possession of an instrument.
Holder
Contractual Capability
Bearer
Endorser
8. A check for which the bank assures that the drawer has sufficient funds to make payment.
Valid Contract
General Agent
Implied Authority
Certified Check
9. The contracting of services rather than goods.
Endorser
Independent Contractor
Service Contracts
Payee
10. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Bearer
Sherman Antitrust Act
Promissory Estoppel
Identified Goods
11. Power to act for someone else.
Authority
Statutes
Breach of Contract
Agent
12. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Existing Goods
Alien corporation
Discovery
13. An offense which is injurious to society as a whole.
Crime
Maker
Petition (Complaint)
Special Agent
14. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Arrest
Complaint (petition)
Board of Directors
15. A business owned by one person.
General Agent
Sole proprietorship
Warranties
Cashier's Check
16. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Stare Decisis
Liquidated Damages
Special Performance
Unenforceable Contract
17. Stock that entitles owner vote.
Common Law
Holder
Common Stock
Payee
18. One in possession of commercial paper.
Bailor
Holder
Assignor
Special Endorsement
19. Pretrial steps taken to learn the details of the case.
Blank Endorsement
Private Corporation
Discovery
Promissory Note
20. The person - company - or financial institution ordered to pay a draft.
Usurious
Drawee
Uniform Commercial Code
Secret Partner
21. An agent's authority to do things not specifically authorized in order to carry out express authority.
Fraud
Implied Authority
Express Authority
Arrest
22. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Identified Goods
Bearer
Subchapter S Corporation
Real Property
23. A check drawn on a bank's own funds and signed by a responsible bank official.
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24. Court hearing cases appealed from lower courts.
Necessaries (Necessities)
Unenforceable Contract
Appellate Court
Public Corporation
25. A party who appoints a second party to serve as an agent.
Rescission
Promissory Note
Principal
Check
26. 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
Booking
Principal
Contractual Capability
Special Endorsement
27. An agreement of no legal effect.
Void Contract
Bill of Sale
Fraud
Arrest
28. The person to whom an offer is made.
Holder
Antitrust
Offeree
Limited Partner
29. Those contracts in which the terms have not been completely executed or fulfilled.
Special Agent
Foreign Corporation
Trial Courts
Executory Contracts
30. A written request initiating a civil suit.
Complaint (petition)
Special Agent
Sole proprietorship
Consideration
31. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Bailment
Check
Cashier's Check
Punitive Damages
32. That consideration stipulated by contract - generally expressed in money or money's worth.
Negligence
Contractual Capability
Price
Agent
33. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Business Law
Promoter
Private Corporation
34. An expression of willingness to enter a contractual agreement.
Third Party Beneficiary
Offer
Employee
Special Performance
35. Person not party to a contract - but whom parties intended to benefit.
Acceptance
Compensatory Damages
Warranties
Third Party Beneficiary
36. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Simple Contract
Plaintiff
Partnership
37. A warranty imposed by law - arising automatically because the sale has been made.
Negotiable Instrument (Commercial Paper)
Implied Warranties
Public Corporation
Implied Authority
38. Laws which are enacted by legislative bodies.
Disaffirmance
Secret Partner
Offer
Statutes
39. 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.
Employee
Unenforceable Contract
Special Performance
Negotiation
40. Courts that conduct the original trial and render their decision.
Bill of Sale
Injunction
Trial Courts
Punitive Damages
41. One who ships goods by common carrier.
Holder
Offeree
Implied Warranties
Consignor
42. 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.
Offeree
Promissory Note
Statute of Frauds
Trial Courts
43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Agent
Real Property
Breach of Contract
Implied Warranties
44. 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.
Nominal Partner
Property
Employer
Void Contract
45. A corporation formed by individuals to form some non-governmental function.
Fraud
Private Corporation
Cashier's Check
Special Endorsement
46. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Price
Preferred Stock
Consideration
Rescission
47. A judicial order or decree forbidding the performance of a certain act.
Acceptance
Injunction
Endorsement
Merchant
48. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Nominal Damages
Negotiable Instrument (Commercial Paper)
Donee Beneficiary
Commercial Paper (Negotiable Instrument)
49. Those goods which are not in existence at the time a contract is agreed to.
Negotiable Instrument (Commercial Paper)
Future Goods
Endorsement
Negligence
50. 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.
Dormant or sleeping partner
Malpractice
Negotiation
Offeror