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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 annulment or cancellation of an instrument - act or promise by one doing or making it.
Tort
Executory Contracts
Nominal Damages
Revocation
2. The necessity that the parties desiring to enter into contracts meet all requirements.
Felony
Bailee
Employer
Contractual Capability
3. The person who executes any draft.
Consignor
Process (Summons)
Compensatory Damages
Drawer
4. The party to whom any negotiable instrument is made payable.
Holder
Express Contract
Payee
Employer
5. Those contracts that must be in special form or produced in a certain way - such as under seal.
Drawee
Warranties
Formal Contract
Donee Beneficiary
6. To take into police custody.
Voidable Contract
Stockholders (Shareholders)
Arrest
Silent Partner
7. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Simple Contract
Judgment
Appellate Court
Preferred Stock
8. An agreement between two or more competent persons which is enforceable by law.
Service Contracts
Sherman Antitrust Act
Check
Contract
9. The goods specified by the buyer and seller.
Consideration
Cashier's Check
Identified Goods
Independent Contractor
10. A law that restricts the period of time within which an action may be brought to court.
Ratification
Defendant
Special Agent
Statute of Limitations
11. 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
Summons (Process)
Negligence
Merchant
Special Agent
12. The act of transferring ownership of a negotiable instrument to another party.
Secret Partner
Fiduciary
Consignee
Negotiation
13. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Domestic corporation
Bill of Sale
Common Law
14. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Accord and Satisfaction
Breach of Contract
Discovery
Punitive Damages
15. Partner unknown to public with no part in management.
General Partner
Dormant or sleeping partner
Drawee
Special Agent
16. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Dormant or sleeping partner
Restrictive Endorsement
Express Warranty
17. Official document detailing a defendant's defense.
Bill of Sale
Stare Decisis
Answer
Misrepresentation
18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Valid Contract
Punitive Damages
Subchapter S Corporation
Draft
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.
Stockholders (Shareholders)
Bailor
Check
Special Endorsement
20. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Board of Directors
Promissory Estoppel
Endorser
21. 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
Sherman Antitrust Act
Negotiation
Unilateral Contract
22. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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23. 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.
Executory Contracts
Employer
Plaintiff
Beneficiary
24. Stock that entitles owner vote.
Public Corporation
Common Stock
Sole proprietorship
Nominal Damages
25. The signature or statement of purpose by the owner on the back of the instrument.
Crime
Common Law
Endorsement
Sale
26. 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.
Contract
Stare Decisis
Disaffirmance
Preferred Stock
27. A negotiable instrument containing a promise to pay.
Ratification
Promissory Note
Novation
Nominal Damages
28. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Price
Duress
Check
29. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Law (Blackstone's Definition)
Future Goods
Counteroffer
Domestic corporation
30. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Trial Courts
Uniform Commercial Code
Crime
Beneficiary
31. Court hearing cases appealed from lower courts.
Appellate Court
Foreign Corporation
Close (closed - closely held) corporation
Implied Authority
32. A document of conveyance that provides written evidence of one's title to tangible personal property.
Judgment
Contract to Sell
Bill of Sale
Endorser
33. 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
Promoter
Bill of Lading
Drawee
Booking
34. The party who initiates - or makes - an offer.
Creditor Beneficiary
Discovery
General Agent
Offeror
35. Laws which are enacted by legislative bodies.
Criminal Law
Statutes
Implied Contract
Booking
36. One to whom goods are shipped by common carrier.
Unilateral Contract
Close (closed - closely held) corporation
Consignee
Answer
37. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Antitrust
Special Performance
Draft
Rescission
38. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Complaint (petition)
Implied Authority
Donee Beneficiary
Voidable Contract
39. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Bailor
Future Goods
Express Contract
Certificate of Deposit
40. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Law (Blackstone's Definition)
Unilateral Contract
Sherman Antitrust Act
Appellate Court
41. The change of one of the parties to a contract at the mutual agreement of the original parties.
Capital Stock
Novation
Service Contracts
Drawee
42. The party who acquires possession but not the title of personal property in a bailment.
Bearer
Criminal Law
Bailee
Assignee
43. A contract which will be enforced by the court.
Valid Contract
Contract
Common Stock
Endorsement
44. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Warranties
Malpractice
Beneficiary
Endorser
45. 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.
Foreign Corporation
Certificate of Deposit
Subchapter S Corporation
Commercial Paper (Negotiable Instrument)
46. One who takes initial steps to form corporation.
Bearer Paper
Implied Authority
Promoter
Promissory Estoppel
47. A party who appoints a second party to serve as an agent.
Negligence
Bailor
Offeror
Principal
48. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Breach of Contract
Contract to Sell
Restrictive Endorsement
Authority
49. Person not party to a contract - but whom parties intended to benefit.
Limited Liability Corporation
Personal Property
Third Party Beneficiary
Subchapter S Corporation
50. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Felony
Discovery
Sale
Alien corporation