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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 body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Ordinances
Certified Check
Personal Property
2. The party to whom any negotiable instrument is made payable.
Bearer
Payee
Liquidated Damages
General Partner
3. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Assignee
Public Corporation
Treasury Stock
Revocation
4. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Limited Liability Corporation
Common Stock
Liquidated Damages
Revocation
5. The change of one of the parties to a contract at the mutual agreement of the original parties.
Stockholders (Shareholders)
Novation
Appellate Court
Nominal Partner
6. 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.
Implied Authority
Private Corporation
Draft
Employee
7. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Necessaries (Necessities)
Undue Influence
Creditor Beneficiary
Nominal Damages
8. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Domestic corporation
Price
Certificate of Deposit
Booking
9. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Business Law
Subchapter S Corporation
Alien corporation
Silent Partner
10. A check for which the bank assures that the drawer has sufficient funds to make payment.
Close (closed - closely held) corporation
Negligence
Appellate Court
Certified Check
11. 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.
Merchant
Certificate of Deposit
Executory Contracts
Counteroffer
12. To take into police custody.
Alien corporation
Arrest
Defendant
Answer
13. Laws dealing with crimes and the punishment of wrongdoers.
Fiduciary
Special Endorsement
Booking
Criminal Law
14. The party making the assignment.
Assignor
Offeree
Discovery
Plaintiff
15. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Service Contracts
Property
Contractual Capability
Donee Beneficiary
16. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Simple Contract
Duress
Bearer
Voidable Contract
17. Exceeding the maximum rate of interest which may be charged on loans.
Corporation
Punitive Damages
Usurious
Consignee
18. Laws which seek to promote competition among businesses.
Antitrust
Summons (Process)
Criminal Law
Par-value Stock
19. Laws which are enacted by legislative bodies.
Ratification
Statutes
General Partner
Negotiable Instrument (Commercial Paper)
20. An endorsement which prevents the use of the instrument for anything except the stated use.
Executory Contracts
Employee
Assignor
Restrictive Endorsement
21. 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
Negligence
Promissory Estoppel
Payee
Uniform Commercial Code
22. Improper influence that is asserted by one dominant person over another - without the threat or harm.
General Partner
Voidable Contract
Undue Influence
Rescission
23. 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
Drawee
Summons (Process)
Goods
24. Anything that may be owned.
Antitrust
Property
Maker
Malpractice
25. 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
Special Performance
Arrest
Arraignment
26. A contract remedy by which the court requires the breaching party to perform the contract.
Usurious
Holder
Creditor Beneficiary
Special Performance
27. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Independent Contractor
Breach of Contract
Express Warranty
Injunction
28. 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
Compensatory Damages
Summons (Process)
Maker
29. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Order Paper
Maker
Duress
Sherman Antitrust Act
30. An individual who takes no active part in the management of a business but has capital invested in the business.
Negligence
Employer
Statute of Limitations
Silent Partner
31. A decision of a court.
Judgment
Warranties
Draft
Subchapter S Corporation
32. Pretrial steps taken to learn the details of the case.
Principal
Discovery
Punitive Damages
Common Stock
33. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Offer
Offeree
Alien corporation
34. Canceling - annulling - avoiding.
Booking
Treasury Stock
Breach of Contract
Rescission
35. The contract existing between the consignor (shipper) and the carrier.
Drawee
Bill of Lading
Statutes
Future Goods
36. The person to whom an offer is made.
Promissory Estoppel
Offeree
Service Contracts
Breach of Contract
37. 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.
Assignor
Malpractice
Employer
Counteroffer
38. A negotiable instrument containing a promise to pay.
Misdemeanor
Void Contract
Promissory Note
Bill of Lading
39. Partner unknown to public with no part in management.
Maker
Bearer Paper
Qualified Endorsement
Dormant or sleeping partner
40. The repudiation of - or election to avoid - a voidable contract.
Property
Statutes
Disaffirmance
Unilateral Contract
41. The authority of an agent - stated in the document or agreement creating the agency.
Crime
Express Authority
Implied Contract
Maker
42. Confirming an act that was executed without authority or an act which was voidable.
Negotiable Instrument (Commercial Paper)
Ratification
Bearer Paper
Corporation
43. Those contracts that must be in special form or produced in a certain way - such as under seal.
Endorser
Acceptance
Formal Contract
Ratification
44. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
General Partner
Consignor
Limited Liability Corporation
Defendant
45. The person against whom legal action is brought. 1
Defendant
Agent
Holder
Employer
46. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Subchapter S Corporation
Offeree
Intangible Personal Property
Secret Partner
47. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Bill of Lading
Shareholders (Stockholders)
Unenforceable Contract
Preferred Stock
48. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the
Capital Stock
Independent Contractor
Statutes
Creditor Beneficiary
49. A commercial paper payable to bearer; i.e. to the person having possession of such.
Implied Authority
Bearer Paper
Contract
Goods
50. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Goods
Counteroffer
Express Warranty
Principal