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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. Anything that may be owned.
Maker
Executory Contracts
Property
Dormant or sleeping partner
2. Customs that have become recognized by the courts as binding on the community.
Employee
Common Law
Rescission
Statutes
3. All property which is not real property.
Crime
Sale
Answer
Personal Property
4. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Punitive Damages
Express Contract
Negotiation
5. An agent's authority to do things not specifically authorized in order to carry out express authority.
Third Party Beneficiary
Arraignment
Implied Authority
Statute of Limitations
6. An endorsement which prevents the use of the instrument for anything except the stated use.
Negligence
Compensatory Damages
Restrictive Endorsement
Counteroffer
7. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Nominal Damages
Promoter
Promissory Estoppel
Liquidated Damages
8. Partner unknown to public with no part in management.
Statute of Frauds
Dormant or sleeping partner
Process (Summons)
Treasury Stock
9. The goods specified by the buyer and seller.
Shareholders (Stockholders)
Identified Goods
Bailment
Novation
10. A written request initiating a civil suit.
Special Endorsement
Formal Contract
Promissory Note
Complaint (petition)
11. 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.
Voidable Contract
Corporation
Holder
Simple Contract
12. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Price
Par-value Stock
Personal Property
Beneficiary
13. Confirming an act that was executed without authority or an act which was voidable.
Drawee
Goods
Ratification
Complaint (petition)
14. 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
Beneficiary
Statutes
Summons (Process)
15. The contracting of services rather than goods.
Consideration
Service Contracts
Certificate of Deposit
Holder
16. Having no words other than the signature of the endorser.
Misdemeanor
Ordinances
Blank Endorsement
Express Contract
17. The party who acquires possession but not the title of personal property in a bailment.
Common Stock
Bailee
Promissory Note
Order Paper
18. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Malpractice
Preferred Stock
Process (Summons)
Independent Contractor
19. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Fraud
Endorser
Promissory Note
Commercial Paper (Negotiable Instrument)
20. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Liquidated Damages
Commercial Paper (Negotiable Instrument)
Existing Goods
Minor
21. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Executed Contracts
Existing Goods
Negotiation
Subchapter S Corporation
22. A negotiable instrument containing a promise to pay.
Special Performance
Third Party Beneficiary
Arraignment
Promissory Note
23. Stock with an assigned face vale.
Misrepresentation
Implied Warranties
Par-value Stock
Criminal Law
24. A check for which the bank assures that the drawer has sufficient funds to make payment.
General Agent
Misrepresentation
Real Property
Certified Check
25. 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.
Bailment
Principal
Valid Contract
Malpractice
26. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Check
Qualified Endorsement
Holder
Revocation
27. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Bearer
Capital Stock
Order Paper
Consignee
28. A person in possession of an instrument.
Bearer
Petition (Complaint)
Duress
Negotiation
29. A criminal offense that is punishable by confinement in prison or by death.
Trial Courts
Felony
Order Paper
Sherman Antitrust Act
30. An expression of willingness to enter a contractual agreement.
Unilateral Contract
Offer
Bailor
Special Performance
31. Any contract other than a formal contract - whether written - oral or implied.
Draft
Felony
Simple Contract
Board of Directors
32. A contract which will be enforced by the court.
Valid Contract
Fiduciary
Sherman Antitrust Act
Stockholders (Shareholders)
33. A business owned by one person.
Tort
Implied Contract
Sole proprietorship
Offer
34. 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.
Offer
Acceptance
Draft
Contractual Capability
35. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Bill of Sale
Fiduciary
Contractual Capability
Limited Partner
36. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Misdemeanor
Counteroffer
Disaffirmance
Corporation
37. The person against whom legal action is brought. 1
Appellate Court
Foreign Corporation
Principal
Defendant
38. Operates in the state that granted the charter.
Process (Summons)
Holder
Domestic corporation
Ordinances
39. The contract existing between the consignor (shipper) and the carrier.
Foreign Corporation
Bill of Lading
Implied Warranties
Offeree
40. That consideration stipulated by contract - generally expressed in money or money's worth.
Qualified Endorsement
Negotiation
Stare Decisis
Price
41. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Misrepresentation
Express Contract
Compensatory Damages
Tort
42. Partner active in a business unknown to the public.
Payee
Secret Partner
Negotiation
General Agent
43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Common Law
Breach of Contract
Bearer
General Agent
44. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Valid Contract
Negotiation
Express Contract
Consideration
45. Laws which are enacted by legislative bodies.
Assignor
Identified Goods
Contract
Statutes
46. A warranty imposed by law - arising automatically because the sale has been made.
Negligence
Promissory Estoppel
Implied Warranties
Law (Blackstone's Definition)
47. Canceling - annulling - avoiding.
Offer
Ordinances
Private Corporation
Rescission
48. 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.
Punitive Damages
Merchant
Identified Goods
Misrepresentation
49. A law that restricts the period of time within which an action may be brought to court.
Board of Directors
Compensatory Damages
Express Authority
Statute of Limitations
50. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Personal Property
Bill of Lading
Express Contract