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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. An endorsement which designates the particular person to whom payment is to be made.
Identified Goods
Special Endorsement
Subchapter S Corporation
Independent Contractor
2. The goods specified by the buyer and seller.
Unenforceable Contract
Secret Partner
Identified Goods
Valid Contract
3. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Assignment
Employer
Restrictive Endorsement
4. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Unilateral Contract
Capital Stock
Law (Blackstone's Definition)
5. 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.
Employee
Limited Liability Corporation
Consignee
Uniform Commercial Code
6. An agreement which is not in the form required by law.
Arraignment
Unenforceable Contract
Statutes
Maker
7. That consideration stipulated by contract - generally expressed in money or money's worth.
Donee Beneficiary
Trial Courts
Price
Beneficiary
8. Laws which seek to promote competition among businesses.
Capital Stock
Special Performance
Antitrust
Executed Contracts
9. 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
Creditor Beneficiary
Booking
Principal
Criminal Law
10. 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.
Donee Beneficiary
Statutes
Corporation
Implied Authority
11. The contracting of services rather than goods.
Common Stock
Service Contracts
Executed Contracts
Bearer
12. An offense which is injurious to society as a whole.
Voidable Contract
Check
Bearer Paper
Crime
13. Stating an untrue fact.
Express Warranty
Misrepresentation
Dormant or sleeping partner
Drawee
14. 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.
Nominal Damages
Fraud
Business Law
Fiduciary
15. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Minor
Discovery
Subchapter S Corporation
Intangible Personal Property
16. One that is incorporated in a foreign country.
Process (Summons)
Alien corporation
Drawer
Bearer Paper
17. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Disaffirmance
Nominal Partner
Booking
Breach of Contract
18. Pretrial steps taken to learn the details of the case.
Novation
Creditor Beneficiary
Partnership
Discovery
19. The party who gives up possession - but not title - of property in a bailment.
Bailor
Special Agent
Nominal Damages
Formal Contract
20. The party making the assignment.
Assignor
Booking
Implied Warranties
Qualified Endorsement
21. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Simple Contract
Petition (Complaint)
Disaffirmance
Malpractice
22. The party who initiates - or makes - an offer.
Property
Offeror
Unenforceable Contract
Misdemeanor
23. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Bailee
Contractual Capability
Commercial Paper (Negotiable Instrument)
24. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Bill of Sale
Commercial Paper (Negotiable Instrument)
Uniform Commercial Code
Nominal Partner
25. Court hearing cases appealed from lower courts.
Appellate Court
Fiduciary
Shareholders (Stockholders)
Principal
26. The individual who initiates a civil action.
Par-value Stock
Plaintiff
Nominal Damages
Drawee
27. The party to whom the assignment is made.
Discovery
Arraignment
Existing Goods
Assignee
28. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Statutes
Implied Authority
Public Corporation
Limited Liability Corporation
29. One authorized by the principal to execute specific acts.
Restrictive Endorsement
Crime
Special Agent
Consignor
30. 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.
Check
Drawer
Statute of Frauds
Discharge
31. A negotiable instrument containing a promise to pay.
Sherman Antitrust Act
Promissory Note
Appellate Court
Qualified Endorsement
32. A corporation formed by individuals to form some non-governmental function.
Beneficiary
Statute of Limitations
Consideration
Private Corporation
33. An individual who takes no active part in the management of a business but has capital invested in the business.
Contractual Capability
Contract
Consignee
Silent Partner
34. Partner active in a business unknown to the public.
Minor
Negligence
Counteroffer
Secret Partner
35. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Law (Blackstone's Definition)
Discharge
Contract to Sell
Property
36. 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
Alien corporation
Negotiable Instrument (Commercial Paper)
Dormant or sleeping partner
37. 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
Offer
Ratification
Summons (Process)
38. One who takes initial steps to form corporation.
Express Authority
Promoter
Treasury Stock
Restrictive Endorsement
39. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Capital Stock
Valid Contract
Donee Beneficiary
40. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Implied Contract
Payee
Property
Minor
41. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Commercial Paper (Negotiable Instrument)
Liquidated Damages
Judgment
Capital Stock
42. Person who writes his or her name on back of instrument.
Endorser
Contractual Capability
Bailee
Punitive Damages
43. A corporation formed to carry out government functions.
Public Corporation
Minor
Capital Stock
Revocation
44. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Existing Goods
Business Law
Statute of Frauds
Executed Contracts
45. Movable tangible personal property.
Necessaries (Necessities)
Accord and Satisfaction
Goods
Holder
46. 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
Special Endorsement
Identified Goods
Misdemeanor
47. Customs that have become recognized by the courts as binding on the community.
Alien corporation
Common Law
Assignee
Partnership
48. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Booking
Special Endorsement
Criminal Law
Tort
49. 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.
Valid Contract
Real Property
Creditor Beneficiary
Disaffirmance
50. The act of transferring ownership of a negotiable instrument to another party.
Usurious
Negotiation
Disaffirmance
Bearer