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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 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.
Partnership
Stare Decisis
Future Goods
Qualified Endorsement
2. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Negotiable Instrument (Commercial Paper)
Acceptance
Limited Liability Corporation
Corporation
3. Partner unknown to public with no part in management.
Dormant or sleeping partner
Express Warranty
Private Corporation
Valid Contract
4. One to whom goods are shipped by common carrier.
Misdemeanor
Punitive Damages
Consignee
Sole proprietorship
5. 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.
Breach of Contract
Fraud
Duress
Commercial Paper (Negotiable Instrument)
6. 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.
Promissory Estoppel
Preferred Stock
General Agent
Express Warranty
7. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Summons (Process)
Arrest
Assignor
Contract to Sell
8. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Special Endorsement
Identified Goods
Trial Courts
Minor
9. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Promissory Note
Contractual Capability
Domestic corporation
10. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Authority
Board of Directors
Arrest
11. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Special Performance
Tort
Accord and Satisfaction
Process (Summons)
12. The party to whom any negotiable instrument is made payable.
Breach of Contract
Shareholders (Stockholders)
Payee
Antitrust
13. A check for which the bank assures that the drawer has sufficient funds to make payment.
Sole proprietorship
Certified Check
Property
Employer
14. Customs that have become recognized by the courts as binding on the community.
Nominal Damages
Special Endorsement
Common Law
Principal
15. The signature or statement of purpose by the owner on the back of the instrument.
Stare Decisis
Endorsement
Usurious
Bearer Paper
16. 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
Express Warranty
Accord and Satisfaction
Negligence
Common Law
17. Operates in the state that granted the charter.
Statute of Limitations
Executed Contracts
Booking
Domestic corporation
18. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Discharge
Contractual Capability
Qualified Endorsement
Preferred Stock
19. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Property
Commercial Paper (Negotiable Instrument)
Trial Courts
20. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Nominal Damages
Discharge
Promoter
Antitrust
21. Land and those objects permanently attached to land. Rejection refusal to accept.
Statute of Limitations
Real Property
Counteroffer
Offeror
22. A check drawn on a bank's own funds and signed by a responsible bank official.
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23. A corporation formed by individuals to form some non-governmental function.
Bearer Paper
Acceptance
Private Corporation
Drawer
24. A party who appoints a second party to serve as an agent.
Stockholders (Shareholders)
Donee Beneficiary
Principal
Beneficiary
25. An endorsement which limits the liability of the endorser.
Appellate Court
Personal Property
Plaintiff
Qualified Endorsement
26. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Subchapter S Corporation
Blank Endorsement
Duress
27. Laws which seek to promote competition among businesses.
Intangible Personal Property
Commercial Paper (Negotiable Instrument)
Subchapter S Corporation
Antitrust
28. A commercial paper payable to bearer; i.e. to the person having possession of such.
Check
Felony
Bearer Paper
Consignee
29. Stock with an assigned face vale.
Misdemeanor
Felony
Discovery
Par-value Stock
30. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Real Property
Public Corporation
Implied Authority
31. Any contract other than a formal contract - whether written - oral or implied.
Employee
Shareholders (Stockholders)
Special Agent
Simple Contract
32. One in possession of commercial paper.
Bailee
Price
Limited Liability Corporation
Holder
33. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Restrictive Endorsement
Executed Contracts
Necessaries (Necessities)
Warranties
34. The necessity that the parties desiring to enter into contracts meet all requirements.
Negotiable Instrument (Commercial Paper)
Close (closed - closely held) corporation
Authority
Contractual Capability
35. The contract existing between the consignor (shipper) and the carrier.
Foreign Corporation
Necessaries (Necessities)
Corporation
Bill of Lading
36. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Minor
Implied Contract
Endorser
37. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Special Endorsement
Certificate of Deposit
Employee
Drawee
38. 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.
Breach of Contract
Maker
Executory Contracts
Corporation
39. 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.
Process (Summons)
Assignor
Board of Directors
Beneficiary
40. An individual actively and openly engaged in the business and held out to everyone as a partner.
Preferred Stock
Bearer Paper
General Partner
Silent Partner
41. A document of conveyance that provides written evidence of one's title to tangible personal property.
Negligence
Bill of Sale
Sale
Offer
42. The party making the assignment.
Service Contracts
Agent
Alien corporation
Assignor
43. An agreement of no legal effect.
Void Contract
Common Law
Creditor Beneficiary
Simple Contract
44. A negotiable instrument containing a promise to pay.
Consideration
Fraud
Promissory Note
Special Agent
45. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Business Law
Board of Directors
Usurious
46. Partner active in a business unknown to the public.
Domestic corporation
Secret Partner
Unenforceable Contract
Injunction
47. 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.
Implied Authority
Preferred Stock
Employee
Special Performance
48. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Bill of Lading
Commercial Paper (Negotiable Instrument)
Plaintiff
Subchapter S Corporation
49. The person who executes a promissory note.
Holder
Offeror
Simple Contract
Maker
50. Stock that entitles owner vote.
Common Stock
Contractual Capability
Statute of Frauds
Warranties