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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. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Promoter
Implied Contract
Common Stock
Merchant
2. The person against whom legal action is brought. 1
Intangible Personal Property
Statute of Frauds
Defendant
Liquidated Damages
3. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Unenforceable Contract
Sale
Voidable Contract
Bailee
4. The person who executes any draft.
Complaint (petition)
Implied Contract
Drawer
Counteroffer
5. A means whereby one party conveys rights to another person who is not a party to the original contract.
Summons (Process)
Petition (Complaint)
Assignment
Express Contract
6. A corporation formed to carry out government functions.
Antitrust
Public Corporation
Independent Contractor
Fraud
7. That which the promisor demands and receives as the price for a promise.
Acceptance
Consideration
Unilateral Contract
Revocation
8. Exceeding the maximum rate of interest which may be charged on loans.
Real Property
Implied Authority
Usurious
Booking
9. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Preferred Stock
Law (Blackstone's Definition)
Bill of Sale
10. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Employee
Stockholders (Shareholders)
Contract to Sell
Board of Directors
11. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Judgment
Ordinances
Undue Influence
Liquidated Damages
12. Court hearing cases appealed from lower courts.
Appellate Court
Commercial Paper (Negotiable Instrument)
Process (Summons)
Liquidated Damages
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
Sherman Antitrust Act
Negligence
Offeror
Process (Summons)
14. The authority of an agent - stated in the document or agreement creating the agency.
Liquidated Damages
Service Contracts
Express Authority
Express Warranty
15. Customs that have become recognized by the courts as binding on the community.
Common Law
Principal
Identified Goods
Public Corporation
16. A written request initiating a civil suit.
Summons (Process)
Silent Partner
Complaint (petition)
Warranties
17. A written request initiating a civil suit.
Petition (Complaint)
Acceptance
Accord and Satisfaction
Law (Blackstone's Definition)
18. 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.
Minor
Petition (Complaint)
Summons (Process)
Uniform Commercial Code
19. An expression of willingness to enter a contractual agreement.
Future Goods
Unenforceable Contract
Implied Authority
Offer
20. That consideration stipulated by contract - generally expressed in money or money's worth.
Misdemeanor
Promoter
Restrictive Endorsement
Price
21. The person who executes a promissory note.
Payee
Maker
Silent Partner
Rescission
22. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Merchant
Void Contract
Executed Contracts
Restrictive Endorsement
23. The party to whom the assignment is made.
Limited Liability Corporation
Consignor
Express Contract
Assignee
24. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Commercial Paper (Negotiable Instrument)
Preferred Stock
Principal
Limited Partner
25. Stock that entitles owner vote.
Corporation
Stare Decisis
General Partner
Common Stock
26. The party who gives up possession - but not title - of property in a bailment.
Special Performance
Service Contracts
Bailor
General Agent
27. Courts that conduct the original trial and render their decision.
Trial Courts
Statute of Frauds
Special Agent
Statutes
28. 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.
Corporation
Drawee
Implied Authority
Void Contract
29. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Employer
Booking
Accord and Satisfaction
Donee Beneficiary
30. Stock with an assigned face vale.
Order Paper
Malpractice
Par-value Stock
Future Goods
31. A person in possession of an instrument.
Fraud
Dormant or sleeping partner
Donee Beneficiary
Bearer
32. A party who appoints a second party to serve as an agent.
Compensatory Damages
Nominal Damages
Principal
Negotiable Instrument (Commercial Paper)
33. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Complaint (petition)
Creditor Beneficiary
Dormant or sleeping partner
Property
34. Official document detailing a defendant's defense.
Preferred Stock
Promissory Estoppel
Alien corporation
Answer
35. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Contractual Capability
Certificate of Deposit
Liquidated Damages
36. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Express Authority
Creditor Beneficiary
Sole proprietorship
Shareholders (Stockholders)
37. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Crime
Felony
Promoter
38. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Authority
Cashier's Check
Sherman Antitrust Act
39. All property which is not real property.
Board of Directors
Personal Property
Summons (Process)
Foreign Corporation
40. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Real Property
Duress
Order Paper
Promissory Note
41. A document of conveyance that provides written evidence of one's title to tangible personal property.
Secret Partner
Independent Contractor
Bill of Sale
Minor
42. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Corporation
Dormant or sleeping partner
Stockholders (Shareholders)
General Partner
43. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Process (Summons)
Tort
Dormant or sleeping partner
Drawer
44. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Promissory Note
Identified Goods
Treasury Stock
45. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Price
Ratification
Independent Contractor
46. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Revocation
Discharge
Accord and Satisfaction
Rescission
47. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Injunction
Minor
Duress
48. Person who pretends to be a partner or permits others to represent him or her as a partner.
Executed Contracts
Holder
Nominal Partner
Appellate Court
49. The party to whom any negotiable instrument is made payable.
Par-value Stock
Payee
Offeror
Corporation
50. A warranty imposed by law - arising automatically because the sale has been made.
Fraud
Implied Warranties
Assignee
Unilateral Contract