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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. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Implied Contract
Tort
Malpractice
Existing Goods
2. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Express Contract
Duress
Warranties
Sale
3. The change of one of the parties to a contract at the mutual agreement of the original parties.
Statute of Frauds
Employee
Novation
Partnership
4. Courts that conduct the original trial and render their decision.
Identified Goods
Trial Courts
Commercial Paper (Negotiable Instrument)
Liquidated Damages
5. The goods specified by the buyer and seller.
Alien corporation
Identified Goods
Special Endorsement
Voidable Contract
6. One to whom goods are shipped by common carrier.
Par-value Stock
Consignee
Limited Partner
Ordinances
7. Stock with an assigned face vale.
Par-value Stock
Private Corporation
Existing Goods
Treasury Stock
8. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Ratification
Express Warranty
Merchant
9. An agreement to an offer resulting in a contract.
Implied Authority
Arrest
Donee Beneficiary
Acceptance
10. A judicial order or decree forbidding the performance of a certain act.
Ordinances
Injunction
Independent Contractor
Assignment
11. Declared value of outstanding stock.
Capital Stock
Promissory Note
Third Party Beneficiary
Limited Partner
12. A contract remedy by which the court requires the breaching party to perform the contract.
Common Stock
Special Performance
Third Party Beneficiary
Bearer
13. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Trial Courts
Order Paper
Formal Contract
Consideration
14. To take into police custody.
Formal Contract
Blank Endorsement
Arrest
Cashier's Check
15. 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.
Answer
Simple Contract
Commercial Paper (Negotiable Instrument)
Bailment
16. Those goods which are not in existence at the time a contract is agreed to.
Goods
Future Goods
Formal Contract
Treasury Stock
17. Pretrial steps taken to learn the details of the case.
Misrepresentation
Sherman Antitrust Act
Discovery
Usurious
18. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Property
Limited Liability Corporation
Donee Beneficiary
19. Those contracts that must be in special form or produced in a certain way - such as under seal.
Misrepresentation
Duress
Formal Contract
Revocation
20. An agreement of no legal effect.
Negligence
Stare Decisis
Plaintiff
Void Contract
21. Partner active in a business unknown to the public.
Secret Partner
Board of Directors
Booking
Liquidated Damages
22. An offense which is injurious to society as a whole.
Blank Endorsement
Crime
Negligence
Valid Contract
23. That which the promisor demands and receives as the price for a promise.
Subchapter S Corporation
Fraud
Consideration
Qualified Endorsement
24. The person who executes a promissory note.
Nominal Partner
Maker
Par-value Stock
Partnership
25. Land and those objects permanently attached to land. Rejection refusal to accept.
Third Party Beneficiary
Disaffirmance
Private Corporation
Real Property
26. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Offeror
Process (Summons)
Unilateral Contract
27. A written request initiating a civil suit.
Certified Check
Employee
Independent Contractor
Petition (Complaint)
28. The authority of an agent - stated in the document or agreement creating the agency.
Voidable Contract
Employer
Express Authority
Certified Check
29. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Duress
Misrepresentation
Compensatory Damages
30. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Petition (Complaint)
General Agent
Process (Summons)
Minor
31. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Domestic corporation
Limited Partner
Contractual Capability
Business Law
32. A written request initiating a civil suit.
Complaint (petition)
Assignment
Private Corporation
Tort
33. Stock that entitles owner vote.
Common Stock
Special Endorsement
Formal Contract
Express Contract
34. Those goods which are - at the time of the contract - in existence and owned by the seller.
Intangible Personal Property
Bailee
Statute of Frauds
Existing Goods
35. 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.
Summons (Process)
Fraud
Domestic corporation
Drawer
36. 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
Payee
Negligence
Punitive Damages
Third Party Beneficiary
37. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
General Agent
Independent Contractor
Creditor Beneficiary
38. The party to whom the assignment is made.
Assignee
Acceptance
Punitive Damages
Principal
39. 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).
Express Warranty
Consideration
Payee
Close (closed - closely held) corporation
40. 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.
Law (Blackstone's Definition)
Employer
Promissory Note
Close (closed - closely held) corporation
41. 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
Public Corporation
Implied Authority
Nominal Partner
42. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Statute of Frauds
Antitrust
Implied Authority
Express Warranty
43. The act of transferring ownership of a negotiable instrument to another party.
Promissory Note
Corporation
Drawer
Negotiation
44. A business owned by one person.
Sole proprietorship
Process (Summons)
Personal Property
Order Paper
45. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Treasury Stock
Consignee
Assignment
46. An expression of willingness to enter a contractual agreement.
Shareholders (Stockholders)
Intangible Personal Property
Warranties
Offer
47. One in possession of commercial paper.
Felony
Contract to Sell
Nominal Partner
Holder
48. The person to whom an offer is made.
Endorser
Offeree
Order Paper
Private Corporation
49. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Rescission
Alien corporation
Warranties
Malpractice
50. A contract which will be enforced by the court.
Partnership
Domestic corporation
Executed Contracts
Valid Contract