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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. 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.
Draft
Misdemeanor
Employee
Domestic corporation
2. The contract existing between the consignor (shipper) and the carrier.
General Agent
Bailee
Bill of Lading
Agent
3. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Promissory Note
Complaint (petition)
Nominal Damages
Necessaries (Necessities)
4. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Stockholders (Shareholders)
Business Law
Common Stock
Counteroffer
5. A warranty imposed by law - arising automatically because the sale has been made.
Rescission
Implied Warranties
Bailor
Shareholders (Stockholders)
6. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Plaintiff
Contractual Capability
Disaffirmance
7. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Implied Authority
Holder
Offeror
Limited Liability Corporation
8. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Fiduciary
Donee Beneficiary
Breach of Contract
Executory Contracts
9. An agent's authority to do things not specifically authorized in order to carry out express authority.
Appellate Court
Merchant
Draft
Implied Authority
10. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Summons (Process)
Negotiation
Undue Influence
Negotiable Instrument (Commercial Paper)
11. Stock that entitles owner vote.
Appellate Court
Assignor
Statute of Frauds
Common Stock
12. The individual who initiates a civil action.
Special Agent
Employee
Certified Check
Plaintiff
13. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Special Performance
Law (Blackstone's Definition)
Discharge
Nominal Partner
14. Partner active in a business unknown to the public.
Maker
Offeree
Formal Contract
Secret Partner
15. 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.
Private Corporation
Merchant
Holder
Promissory Note
16. The party making the assignment.
Assignor
Judgment
Discovery
Usurious
17. The party to whom the assignment is made.
Existing Goods
Disaffirmance
Misdemeanor
Assignee
18. The contracting of services rather than goods.
Arrest
Sole proprietorship
Contract to Sell
Service Contracts
19. The party who gives up possession - but not title - of property in a bailment.
Par-value Stock
Promissory Note
Bailor
Preferred Stock
20. Canceling - annulling - avoiding.
Statutes
Rescission
Felony
Crime
21. That which the promisor demands and receives as the price for a promise.
Consideration
Goods
Existing Goods
Unenforceable Contract
22. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Acceptance
Capital Stock
Necessaries (Necessities)
23. A person in possession of an instrument.
Duress
Preferred Stock
Bearer
Crime
24. 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)
Drawee
Bailor
Compensatory Damages
25. A judicial order or decree forbidding the performance of a certain act.
Blank Endorsement
Injunction
Express Warranty
Valid Contract
26. A written request initiating a civil suit.
Compensatory Damages
Real Property
Complaint (petition)
Liquidated Damages
27. 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.
Injunction
Warranties
Corporation
Consignee
28. Stock with an assigned face vale.
Novation
Drawer
Personal Property
Par-value Stock
29. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Dormant or sleeping partner
Simple Contract
Punitive Damages
30. The transfer of possession but not the title of personal property by one party to another - under agreement.
Valid Contract
Close (closed - closely held) corporation
Bailment
Statutes
31. 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.
Creditor Beneficiary
Dormant or sleeping partner
Treasury Stock
Existing Goods
32. That consideration stipulated by contract - generally expressed in money or money's worth.
Acceptance
Price
Judgment
Consideration
33. One to whom goods are shipped by common carrier.
Price
Negotiable Instrument (Commercial Paper)
Personal Property
Consignee
34. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Unilateral Contract
Executed Contracts
Future Goods
35. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Sole proprietorship
Beneficiary
Antitrust
Assignor
36. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.
Negotiation
Special Endorsement
Check
Usurious
37. The authority of an agent - stated in the document or agreement creating the agency.
Treasury Stock
Express Authority
Counteroffer
Property
38. One in possession of commercial paper.
Holder
Agent
Draft
Personal Property
39. Pretrial steps taken to learn the details of the case.
Bearer Paper
Trial Courts
Crime
Discovery
40. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Offeree
Par-value Stock
Third Party Beneficiary
41. Those contracts that must be in special form or produced in a certain way - such as under seal.
Foreign Corporation
Arraignment
Answer
Formal Contract
42. 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.
General Agent
Donee Beneficiary
Fiduciary
Drawer
43. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Alien corporation
Nominal Damages
Commercial Paper (Negotiable Instrument)
44. Stating an untrue fact.
Implied Warranties
Misrepresentation
Qualified Endorsement
Assignor
45. Having no words other than the signature of the endorser.
Crime
Blank Endorsement
Usurious
Bearer Paper
46. An individual actively and openly engaged in the business and held out to everyone as a partner.
Implied Warranties
General Partner
Answer
Real Property
47. Those goods which are - at the time of the contract - in existence and owned by the seller.
Valid Contract
Existing Goods
Necessaries (Necessities)
Real Property
48. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Punitive Damages
Usurious
Intangible Personal Property
49. A corporation formed to carry out government functions.
Blank Endorsement
Limited Partner
Consideration
Public Corporation
50. Stock reacquired by a corporation.
Assignor
Discovery
Treasury Stock
Endorser
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