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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Negotiable Instrument (Commercial Paper)
Assignee
Minor
Capital Stock
2. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Ratification
General Partner
Limited Partner
Fiduciary
3. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Close (closed - closely held) corporation
Draft
Injunction
Merchant
4. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Future Goods
Executed Contracts
Defendant
Assignor
5. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Void Contract
Discharge
Offer
Executory Contracts
6. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Formal Contract
Corporation
Limited Liability Corporation
Offeree
7. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Unenforceable Contract
Accord and Satisfaction
Shareholders (Stockholders)
Discharge
8. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Implied Authority
Identified Goods
Contract to Sell
9. 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.
Malpractice
Intangible Personal Property
Drawer
Offeree
10. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Liquidated Damages
Treasury Stock
Intangible Personal Property
Endorser
11. The person - company - or financial institution ordered to pay a draft.
Agent
Drawee
Unenforceable Contract
Price
12. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Partnership
Restrictive Endorsement
Express Contract
Common Law
13. 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
Service Contracts
Negligence
Duress
Contract to Sell
14. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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15. Stock reacquired by a corporation.
Treasury Stock
Blank Endorsement
Negotiable Instrument (Commercial Paper)
Acceptance
16. 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.
Check
Silent Partner
General Agent
Arraignment
17. Official document detailing a defendant's defense.
Negotiation
Agent
Answer
Sherman Antitrust Act
18. The party who acquires possession but not the title of personal property in a bailment.
Stockholders (Shareholders)
Bailee
Acceptance
Liquidated Damages
19. Laws which are enacted by legislative bodies.
Ratification
Summons (Process)
Statutes
Partnership
20. The goods specified by the buyer and seller.
General Partner
Identified Goods
Property
Undue Influence
21. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Booking
Disaffirmance
Authority
22. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Warranties
Public Corporation
Certified Check
23. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Discharge
Special Agent
Warranties
Bill of Sale
24. Declared value of outstanding stock.
Endorsement
Crime
Goods
Capital Stock
25. A contract remedy by which the court requires the breaching party to perform the contract.
Offeree
Employee
Special Performance
Offeror
26. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Express Authority
Undue Influence
Injunction
Certificate of Deposit
27. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Novation
Subchapter S Corporation
Law (Blackstone's Definition)
Agent
28. Person not party to a contract - but whom parties intended to benefit.
Bailment
Accord and Satisfaction
Third Party Beneficiary
Negligence
29. All property which is not real property.
Express Warranty
Misdemeanor
Common Stock
Personal Property
30. The act of transferring ownership of a negotiable instrument to another party.
Ratification
Bailee
Endorsement
Negotiation
31. Land and those objects permanently attached to land. Rejection refusal to accept.
Order Paper
Defendant
Restrictive Endorsement
Real Property
32. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Third Party Beneficiary
Fiduciary
Warranties
33. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Stockholders (Shareholders)
Voidable Contract
Shareholders (Stockholders)
34. Laws dealing with crimes and the punishment of wrongdoers.
Limited Partner
Nominal Partner
Criminal Law
Statutes
35. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Felony
Counteroffer
Disaffirmance
General Agent
36. Movable tangible personal property.
Express Contract
Nominal Partner
Goods
Statute of Frauds
37. That which the promisor demands and receives as the price for a promise.
Defendant
Consideration
Booking
Silent Partner
38. The necessity that the parties desiring to enter into contracts meet all requirements.
Ordinances
Contractual Capability
Employee
Stare Decisis
39. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Payee
Order Paper
Commercial Paper (Negotiable Instrument)
Price
40. Charging a person with a crime and asking for that person's plea.
Trial Courts
Arraignment
Preferred Stock
Bill of Sale
41. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Price
Nominal Partner
Statute of Frauds
42. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Maker
Plaintiff
Secret Partner
43. The transfer of possession but not the title of personal property by one party to another - under agreement.
Rescission
Bill of Sale
Acceptance
Bailment
44. 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.
Novation
Price
Negotiable Instrument (Commercial Paper)
Commercial Paper (Negotiable Instrument)
45. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Unenforceable Contract
Summons (Process)
Donee Beneficiary
Duress
46. 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
Rescission
Minor
Close (closed - closely held) corporation
47. Anything that may be owned.
Bailee
Property
Disaffirmance
Offer
48. 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.
Employer
Trial Courts
Void Contract
Certificate of Deposit
49. A commercial paper payable to bearer; i.e. to the person having possession of such.
Promissory Estoppel
Bearer Paper
Sherman Antitrust Act
Crime
50. 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.
Draft
Commercial Paper (Negotiable Instrument)
Answer
Counteroffer
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