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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. A check drawn on a bank's own funds and signed by a responsible bank official.
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2. Those goods which are - at the time of the contract - in existence and owned by the seller.
Arraignment
Property
Existing Goods
Preferred Stock
3. A judicial order or decree forbidding the performance of a certain act.
Implied Authority
Payee
Injunction
Principal
4. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Fraud
Accord and Satisfaction
Petition (Complaint)
Usurious
5. Laws which are enacted by legislative bodies.
Express Authority
Implied Contract
Statutes
Punitive Damages
6. Charging a person with a crime and asking for that person's plea.
Arraignment
Beneficiary
Statutes
Judgment
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Necessaries (Necessities)
Executed Contracts
Crime
8. The transfer of possession but not the title of personal property by one party to another - under agreement.
Discovery
Bailment
Close (closed - closely held) corporation
Beneficiary
9. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Corporation
Compensatory Damages
Intangible Personal Property
10. Person not party to a contract - but whom parties intended to benefit.
Minor
Uniform Commercial Code
Ordinances
Third Party Beneficiary
11. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Certified Check
Draft
Stockholders (Shareholders)
Express Warranty
12. A warranty imposed by law - arising automatically because the sale has been made.
Sherman Antitrust Act
Third Party Beneficiary
Implied Warranties
Service Contracts
13. An agreement between two or more competent persons which is enforceable by law.
Statutes
Malpractice
Order Paper
Contract
14. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Alien corporation
Duress
Preferred Stock
Express Warranty
15. A corporation formed to carry out government functions.
Duress
Contractual Capability
Bailment
Public Corporation
16. A criminal offense that is punishable by confinement in prison or by death.
Authority
Stare Decisis
Felony
Malpractice
17. An agreement to an offer resulting in a contract.
Discharge
Acceptance
Punitive Damages
Bearer
18. Person who pretends to be a partner or permits others to represent him or her as a partner.
General Agent
Employee
Nominal Partner
Bailee
19. Courts that conduct the original trial and render their decision.
Endorsement
Trial Courts
Bearer
Unenforceable Contract
20. That which the promisor demands and receives as the price for a promise.
Statute of Frauds
General Agent
Criminal Law
Consideration
21. The repudiation of - or election to avoid - a voidable contract.
Foreign Corporation
Assignor
Bailment
Disaffirmance
22. 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.
Fraud
Process (Summons)
Special Agent
Disaffirmance
23. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Preferred Stock
Employee
Stare Decisis
24. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Stockholders (Shareholders)
Discharge
Statutes
Express Contract
25. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Certificate of Deposit
Qualified Endorsement
Bearer Paper
26. 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
Negligence
Uniform Commercial Code
Authority
27. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Felony
Negotiation
Par-value Stock
28. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Executory Contracts
Unenforceable Contract
Offeror
29. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Bearer Paper
Implied Contract
Order Paper
Limited Partner
30. A person in possession of an instrument.
Goods
Bearer
Punitive Damages
Injunction
31. 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
Subchapter S Corporation
Negligence
Restrictive Endorsement
Business Law
32. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Drawee
Warranties
Personal Property
33. Anything that may be owned.
Property
Assignor
Bailment
Process (Summons)
34. An expression of willingness to enter a contractual agreement.
Nominal Partner
Misdemeanor
Offer
Negotiation
35. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Foreign Corporation
Petition (Complaint)
Shareholders (Stockholders)
36. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Blank Endorsement
Creditor Beneficiary
Common Stock
Nominal Damages
37. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Corporation
Plaintiff
Revocation
Subchapter S Corporation
38. Operates in the state that granted the charter.
Domestic corporation
Board of Directors
Compensatory Damages
Certified Check
39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Punitive Damages
Assignee
Partnership
Beneficiary
40. An endorsement which limits the liability of the endorser.
Certified Check
Booking
Qualified Endorsement
Tort
41. Partner unknown to public with no part in management.
Dormant or sleeping partner
Cashier's Check
Limited Partner
Counteroffer
42. A criminal offense which is neither treason nor a felony.
Shareholders (Stockholders)
Silent Partner
Alien corporation
Misdemeanor
43. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Simple Contract
Bailment
Qualified Endorsement
44. The party who acquires possession but not the title of personal property in a bailment.
Express Contract
Bailee
Intangible Personal Property
Drawee
45. The party who initiates - or makes - an offer.
Express Contract
Bill of Sale
Criminal Law
Offeror
46. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Valid Contract
Process (Summons)
Order Paper
Employee
47. Stock reacquired by a corporation.
Promissory Note
Identified Goods
Law (Blackstone's Definition)
Treasury Stock
48. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Promoter
Maker
Acceptance
Necessaries (Necessities)
49. Customs that have become recognized by the courts as binding on the community.
Common Law
Silent Partner
Treasury Stock
Offer
50. Pretrial steps taken to learn the details of the case.
Alien corporation
Punitive Damages
Discovery
Liquidated Damages