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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. Courts that conduct the original trial and render their decision.
Petition (Complaint)
Restrictive Endorsement
Trial Courts
Offeree
2. 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.
Sole proprietorship
Discharge
Blank Endorsement
Employee
3. Person not party to a contract - but whom parties intended to benefit.
Corporation
Third Party Beneficiary
Draft
Domestic corporation
4. A body of persons elected by the stockholders to define and establish corporate policy.
Ordinances
Identified Goods
Board of Directors
Domestic corporation
5. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Void Contract
Implied Contract
Property
Minor
6. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Defendant
Close (closed - closely held) corporation
Answer
7. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Fraud
Malpractice
Corporation
Ordinances
8. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Promissory Note
Bailee
Revocation
Plaintiff
9. An agreement of no legal effect.
Partnership
Offeror
Void Contract
Intangible Personal Property
10. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Negligence
Contract to Sell
Contract
Breach of Contract
11. One who takes initial steps to form corporation.
Subchapter S Corporation
General Partner
Endorser
Promoter
12. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Contract to Sell
Endorser
Express Contract
13. The party who initiates - or makes - an offer.
Intangible Personal Property
Offeror
Certificate of Deposit
Foreign Corporation
14. 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)
Maker
Law (Blackstone's Definition)
Creditor Beneficiary
15. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Discovery
Agent
Special Agent
16. 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.
Voidable Contract
Stare Decisis
Restrictive Endorsement
Personal Property
17. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Real Property
Sale
Petition (Complaint)
Preferred Stock
18. The act of transferring ownership of a negotiable instrument to another party.
Bearer
Negotiation
Tort
Liquidated Damages
19. Canceling - annulling - avoiding.
Voidable Contract
Arraignment
Rescission
Injunction
20. 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
Commercial Paper (Negotiable Instrument)
Compensatory Damages
Independent Contractor
Defendant
21. An agreement which is not in the form required by law.
Real Property
Accord and Satisfaction
Unenforceable Contract
Draft
22. The repudiation of - or election to avoid - a voidable contract.
Complaint (petition)
Disaffirmance
Discovery
Statute of Frauds
23. The goods specified by the buyer and seller.
Implied Contract
Holder
Discharge
Identified Goods
24. To take into police custody.
Drawee
Foreign Corporation
Liquidated Damages
Arrest
25. Stock reacquired by a corporation.
Real Property
Limited Liability Corporation
Treasury Stock
Endorser
26. Person who writes his or her name on back of instrument.
General Agent
Special Agent
Assignment
Endorser
27. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Endorsement
Intangible Personal Property
Discovery
Agent
28. 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.
General Agent
Booking
Stockholders (Shareholders)
Independent Contractor
29. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Public Corporation
Duress
Bearer
Arraignment
30. Court hearing cases appealed from lower courts.
Liquidated Damages
Subchapter S Corporation
Appellate Court
Complaint (petition)
31. All property which is not real property.
Promoter
Holder
Personal Property
Bearer
32. An individual actively and openly engaged in the business and held out to everyone as a partner.
Par-value Stock
Special Endorsement
Booking
General Partner
33. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Negotiation
Limited Partner
Limited Liability Corporation
Express Authority
34. A criminal offense which is neither treason nor a felony.
Stare Decisis
Private Corporation
Service Contracts
Misdemeanor
35. The individual who initiates a civil action.
Express Contract
Plaintiff
Law (Blackstone's Definition)
Counteroffer
36. An endorsement which limits the liability of the endorser.
Identified Goods
Qualified Endorsement
Ratification
Minor
37. A decision of a court.
Merchant
Judgment
Subchapter S Corporation
Drawee
38. A judicial order or decree forbidding the performance of a certain act.
Statute of Limitations
Nominal Damages
Contract
Injunction
39. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Offer
Necessaries (Necessities)
Simple Contract
40. The person who executes any draft.
Certified Check
Drawer
Contract
Drawee
41. The party who acquires possession but not the title of personal property in a bailment.
Discovery
Personal Property
Bailee
Antitrust
42. 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.
Third Party Beneficiary
Summons (Process)
Complaint (petition)
Simple Contract
43. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Private Corporation
Express Warranty
Fraud
44. A business owned by one person.
Agent
Crime
Sole proprietorship
Special Performance
45. An agent's authority to do things not specifically authorized in order to carry out express authority.
Sherman Antitrust Act
Express Authority
Implied Authority
Independent Contractor
46. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Ordinances
Simple Contract
Negligence
Foreign Corporation
47. 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.
Promoter
Goods
Consignee
Malpractice
48. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Express Warranty
Formal Contract
Liquidated Damages
Special Agent
49. Laws which are enacted by legislative bodies.
Discharge
Statutes
Minor
Board of Directors
50. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Foreign Corporation
Unilateral Contract
Antitrust
General Partner