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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. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Necessaries (Necessities)
Common Law
Board of Directors
2. All property which is not real property.
Dormant or sleeping partner
Tort
Personal Property
Express Warranty
3. 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.
Stare Decisis
Felony
Restrictive Endorsement
Property
4. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Common Law
Simple Contract
Void Contract
Discharge
5. One that is incorporated in a foreign country.
Punitive Damages
Alien corporation
Antitrust
Bailee
6. 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.
Independent Contractor
Judgment
Contract
Corporation
7. Confirming an act that was executed without authority or an act which was voidable.
Business Law
Fiduciary
Assignee
Ratification
8. A corporation formed to carry out government functions.
Consignor
Public Corporation
Express Authority
Sherman Antitrust Act
9. 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
Employee
Offeror
Blank Endorsement
10. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Price
Beneficiary
Promoter
Order Paper
11. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Formal Contract
Void Contract
Nominal Damages
Limited Liability Corporation
12. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Offeree
Goods
Sole proprietorship
13. 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.
Undue Influence
Property
Subchapter S Corporation
Merchant
14. Laws which are enacted by legislative bodies.
Beneficiary
Principal
Statutes
Qualified Endorsement
15. Exceeding the maximum rate of interest which may be charged on loans.
General Partner
Bill of Lading
Counteroffer
Usurious
16. The party to whom any negotiable instrument is made payable.
Disaffirmance
Simple Contract
Payee
Assignment
17. Official document detailing a defendant's defense.
Answer
Negotiable Instrument (Commercial Paper)
Silent Partner
Partnership
18. To take into police custody.
Arrest
Unenforceable Contract
Consignee
Contract
19. Person who writes his or her name on back of instrument.
Endorser
Business Law
Treasury Stock
Discovery
20. That which the promisor demands and receives as the price for a promise.
Minor
Contract
Consideration
Existing Goods
21. A check for which the bank assures that the drawer has sufficient funds to make payment.
Drawee
Maker
Statute of Frauds
Certified Check
22. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Ordinances
Close (closed - closely held) corporation
Limited Liability Corporation
Corporation
23. The transfer of possession but not the title of personal property by one party to another - under agreement.
Consignor
Bailment
Liquidated Damages
Private Corporation
24. Stock with an assigned face vale.
Counteroffer
Law (Blackstone's Definition)
Void Contract
Par-value Stock
25. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Uniform Commercial Code
Misdemeanor
Consignor
Future Goods
26. Person not party to a contract - but whom parties intended to benefit.
Cashier's Check
Punitive Damages
Usurious
Third Party Beneficiary
27. An agreement which is not in the form required by law.
Summons (Process)
Close (closed - closely held) corporation
Unenforceable Contract
Appellate Court
28. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Acceptance
Capital Stock
Corporation
29. A body of persons elected by the stockholders to define and establish corporate policy.
Trial Courts
Assignor
Board of Directors
Promissory Estoppel
30. The party who initiates - or makes - an offer.
Drawer
Offeror
Merchant
Holder
31. An individual who takes no active part in the management of a business but has capital invested in the business.
Statute of Limitations
Independent Contractor
Silent Partner
Void Contract
32. Partner active in a business unknown to the public.
Assignment
Implied Contract
Express Authority
Secret Partner
33. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Future Goods
Secret Partner
Misdemeanor
34. A person in possession of an instrument.
Bearer
Misrepresentation
Check
Drawee
35. An agreement of no legal effect.
Merchant
Void Contract
Assignor
Antitrust
36. 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).
Close (closed - closely held) corporation
Breach of Contract
Ratification
Statute of Limitations
37. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Appellate Court
Negligence
Sale
Qualified Endorsement
38. 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.
Arrest
General Agent
Arraignment
Payee
39. Operates in the state that granted the charter.
Offeree
Domestic corporation
Statute of Frauds
Unenforceable Contract
40. A decision of a court.
Shareholders (Stockholders)
Judgment
Public Corporation
Merchant
41. One who ships goods by common carrier.
Negotiation
Booking
Third Party Beneficiary
Consignor
42. A criminal offense which is neither treason nor a felony.
Intangible Personal Property
Criminal Law
Preferred Stock
Misdemeanor
43. 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
Answer
Preferred Stock
Negligence
Implied Warranties
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.
Commercial Paper (Negotiable Instrument)
Acceptance
Booking
Express Authority
45. An individual actively and openly engaged in the business and held out to everyone as a partner.
Offer
Nominal Partner
General Partner
Consignor
46. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Dormant or sleeping partner
Order Paper
Agent
Secret Partner
47. A document of conveyance that provides written evidence of one's title to tangible personal property.
Plaintiff
Limited Liability Corporation
Bill of Sale
Business Law
48. 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.
Executory Contracts
Merchant
Limited Partner
Process (Summons)
49. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Personal Property
Novation
Process (Summons)
50. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Bearer Paper
Subchapter S Corporation
Offer
Punitive Damages