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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 contracting of services rather than goods.
Restrictive Endorsement
Domestic corporation
Injunction
Service Contracts
2. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Donee Beneficiary
Negotiable Instrument (Commercial Paper)
Promissory Estoppel
Ordinances
3. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Subchapter S Corporation
Goods
Misrepresentation
4. 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.
Par-value Stock
Minor
Corporation
Warranties
5. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Principal
Par-value Stock
Fiduciary
Statute of Frauds
6. A corporation formed by individuals to form some non-governmental function.
Tort
Antitrust
Express Warranty
Private Corporation
7. A written request initiating a civil suit.
Bailor
Petition (Complaint)
Restrictive Endorsement
Statutes
8. Exceeding the maximum rate of interest which may be charged on loans.
Order Paper
Treasury Stock
Usurious
Process (Summons)
9. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Stockholders (Shareholders)
Treasury Stock
Punitive Damages
Merchant
10. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Breach of Contract
Fraud
Certified Check
11. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Acceptance
Formal Contract
Intangible Personal Property
Implied Contract
12. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Judgment
Shareholders (Stockholders)
Contract
13. A body of persons elected by the stockholders to define and establish corporate policy.
Goods
Board of Directors
Implied Warranties
Consignor
14. Laws which are enacted by legislative bodies.
Injunction
Express Authority
Statutes
Beneficiary
15. 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.
Alien corporation
Process (Summons)
Uniform Commercial Code
Draft
16. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Endorsement
Unilateral Contract
Agent
Endorser
17. One who takes initial steps to form corporation.
Executed Contracts
Undue Influence
Process (Summons)
Promoter
18. 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
Booking
Discharge
Felony
Executed Contracts
19. Person not party to a contract - but whom parties intended to benefit.
Drawer
Undue Influence
Public Corporation
Third Party Beneficiary
20. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Statutes
Consideration
Criminal Law
21. Canceling - annulling - avoiding.
Misdemeanor
General Agent
Rescission
Endorsement
22. Courts that conduct the original trial and render their decision.
Close (closed - closely held) corporation
Trial Courts
Business Law
Bailment
23. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Promissory Note
Special Performance
Drawer
Limited Liability Corporation
24. Declared value of outstanding stock.
Corporation
Business Law
Accord and Satisfaction
Capital Stock
25. Those goods which are - at the time of the contract - in existence and owned by the seller.
Plaintiff
Express Warranty
Unenforceable Contract
Existing Goods
26. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Process (Summons)
Unenforceable Contract
Common Law
27. An expression of willingness to enter a contractual agreement.
Bailor
Criminal Law
Offer
Voidable Contract
28. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Void Contract
Sherman Antitrust Act
Independent Contractor
29. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
30. A person in possession of an instrument.
Par-value Stock
Booking
Trial Courts
Bearer
31. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Limited Liability Corporation
Personal Property
Future Goods
Subchapter S Corporation
32. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Sherman Antitrust Act
Order Paper
Uniform Commercial Code
Fraud
33. 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.
Cashier's Check
Process (Summons)
Formal Contract
Fiduciary
34. An individual actively and openly engaged in the business and held out to everyone as a partner.
Holder
Usurious
General Partner
Partnership
35. 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.
Duress
Stockholders (Shareholders)
Authority
Discovery
36. 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.
Subchapter S Corporation
Ratification
Merchant
Fraud
37. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Property
Assignor
Executed Contracts
Liquidated Damages
38. 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.
Limited Partner
Offer
Consideration
Fraud
39. Official document detailing a defendant's defense.
Shareholders (Stockholders)
Order Paper
Answer
Negotiable Instrument (Commercial Paper)
40. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Crime
Special Performance
Trial Courts
Commercial Paper (Negotiable Instrument)
41. Partner unknown to public with no part in management.
Dormant or sleeping partner
Agent
Acceptance
Private Corporation
42. A judicial order or decree forbidding the performance of a certain act.
Injunction
Payee
Arrest
Voidable Contract
43. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Existing Goods
Voidable Contract
Secret Partner
Order Paper
44. 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
Independent Contractor
Stockholders (Shareholders)
Private Corporation
Malpractice
45. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Employee
Executory Contracts
Rescission
46. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Discovery
Valid Contract
Duress
47. The party to whom any negotiable instrument is made payable.
Authority
Payee
Drawer
Voidable Contract
48. An award paid to the injured party to cover the exact amount of their loss - but no more.
Booking
Identified Goods
Capital Stock
Compensatory Damages
49. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Assignment
Necessaries (Necessities)
Dormant or sleeping partner
Bearer
50. 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.
Compensatory Damages
Donee Beneficiary
Certified Check
General Agent