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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 party to whom any negotiable instrument is made payable.
Payee
Merchant
Discharge
Bearer Paper
2. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Public Corporation
Plaintiff
Agent
Criminal Law
3. 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.
Beneficiary
Intangible Personal Property
Common Law
Duress
4. An expression of willingness to enter a contractual agreement.
Principal
Antitrust
Offer
Implied Contract
5. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Trial Courts
Special Agent
Process (Summons)
Beneficiary
6. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Consideration
Sole proprietorship
Unenforceable Contract
7. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Warranties
Preferred Stock
Sale
Stare Decisis
8. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Negligence
Disaffirmance
Warranties
Punitive Damages
9. All property which is not real property.
Personal Property
Independent Contractor
Arrest
Par-value Stock
10. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Valid Contract
Endorser
Sherman Antitrust Act
Preferred Stock
11. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Necessaries (Necessities)
Unenforceable Contract
Bailment
Order Paper
12. 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.
Close (closed - closely held) corporation
Corporation
Petition (Complaint)
Certificate of Deposit
13. Charging a person with a crime and asking for that person's plea.
Endorsement
Bill of Sale
Nominal Partner
Arraignment
14. 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
Order Paper
Preferred Stock
Necessaries (Necessities)
15. A judicial order or decree forbidding the performance of a certain act.
Injunction
Partnership
Defendant
Merchant
16. Court hearing cases appealed from lower courts.
Criminal Law
Commercial Paper (Negotiable Instrument)
Appellate Court
Blank Endorsement
17. The signature or statement of purpose by the owner on the back of the instrument.
Shareholders (Stockholders)
Endorsement
Plaintiff
Bailment
18. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Statutes
Promissory Note
Merchant
19. The change of one of the parties to a contract at the mutual agreement of the original parties.
Employee
Nominal Partner
Counteroffer
Novation
20. Having no words other than the signature of the endorser.
Discovery
Maker
Blank Endorsement
Booking
21. To take into police custody.
Bearer Paper
Check
Duress
Arrest
22. Those contracts that must be in special form or produced in a certain way - such as under seal.
Special Agent
Nominal Partner
Misdemeanor
Formal Contract
23. Stock reacquired by a corporation.
Treasury Stock
Discovery
Tort
Foreign Corporation
24. One that is incorporated in a foreign country.
General Agent
Trial Courts
Alien corporation
Real Property
25. Partner active in a business unknown to the public.
Antitrust
Executory Contracts
Dormant or sleeping partner
Secret Partner
26. A warranty imposed by law - arising automatically because the sale has been made.
Employer
Revocation
Implied Warranties
Special Endorsement
27. Those contracts in which the terms have not been completely executed or fulfilled.
Donee Beneficiary
Check
Subchapter S Corporation
Executory Contracts
28. The individual who initiates a civil action.
Bearer
Express Warranty
Corporation
Plaintiff
29. Person who writes his or her name on back of instrument.
Common Law
Bearer
Liquidated Damages
Endorser
30. Confirming an act that was executed without authority or an act which was voidable.
Capital Stock
Special Endorsement
Limited Liability Corporation
Ratification
31. The party making the assignment.
Personal Property
Assignor
Certified Check
Misdemeanor
32. 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)
Tort
Special Agent
Board of Directors
33. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Consignee
Partnership
Answer
Assignment
34. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Principal
Silent Partner
Undue Influence
Sale
35. 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.
Ordinances
Void Contract
General Agent
Check
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
Misdemeanor
Ordinances
Contract to Sell
Negligence
37. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Treasury Stock
Bill of Sale
Bailee
Voidable Contract
38. A negotiable instrument containing a promise to pay.
Promissory Note
Liquidated Damages
Partnership
Drawee
39. Pretrial steps taken to learn the details of the case.
Bailee
Discovery
Contract to Sell
Nominal Damages
40. Those goods which are - at the time of the contract - in existence and owned by the seller.
Warranties
Subchapter S Corporation
Existing Goods
Identified Goods
41. Anything that may be owned.
Antitrust
Property
Criminal Law
General Agent
42. A corporation formed to carry out government functions.
Bearer
Implied Warranties
Public Corporation
Goods
43. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Agent
Crime
Sherman Antitrust Act
Tort
44. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Donee Beneficiary
Foreign Corporation
Injunction
Process (Summons)
45. A business owned by one person.
Special Performance
Sole proprietorship
Preferred Stock
Third Party Beneficiary
46. An endorsement which prevents the use of the instrument for anything except the stated use.
Bill of Sale
Certificate of Deposit
Restrictive Endorsement
Special Endorsement
47. A written request initiating a civil suit.
Employee
Stare Decisis
Petition (Complaint)
Identified Goods
48. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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49. A party who appoints a second party to serve as an agent.
Offer
Board of Directors
Principal
Disaffirmance
50. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Discharge
Minor
Punitive Damages
Negotiable Instrument (Commercial Paper)