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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 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
Contract
Common Stock
Beneficiary
2. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Discovery
Limited Liability Corporation
Duress
Uniform Commercial Code
3. The person who executes any draft.
Drawer
Payee
Implied Authority
Simple Contract
4. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Process (Summons)
Crime
Statute of Frauds
5. Those contracts in which the terms have not been completely executed or fulfilled.
Contract to Sell
Executory Contracts
Promissory Note
Executed Contracts
6. The contract existing between the consignor (shipper) and the carrier.
Contract
Principal
Bill of Lading
Endorsement
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Foreign Corporation
Negotiable Instrument (Commercial Paper)
Executory Contracts
Executed Contracts
8. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Usurious
Counteroffer
Offeree
Business Law
9. One that is incorporated in a foreign country.
Alien corporation
Bailee
Disaffirmance
Business Law
10. 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.
Sherman Antitrust Act
Employer
Necessaries (Necessities)
Assignment
11. Person who pretends to be a partner or permits others to represent him or her as a partner.
Sale
Nominal Partner
Uniform Commercial Code
Necessaries (Necessities)
12. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Special Endorsement
Beneficiary
Bailor
Alien corporation
13. The person - company - or financial institution ordered to pay a draft.
Close (closed - closely held) corporation
Void Contract
Agent
Drawee
14. Canceling - annulling - avoiding.
Rescission
Negligence
Accord and Satisfaction
Stockholders (Shareholders)
15. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Capital Stock
Statute of Frauds
Process (Summons)
Promissory Estoppel
16. An agreement to an offer resulting in a contract.
Acceptance
Misrepresentation
Third Party Beneficiary
Intangible Personal Property
17. 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
Offer
Formal Contract
Special Agent
18. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Valid Contract
Sale
Limited Liability Corporation
Subchapter S Corporation
19. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Ordinances
Nominal Partner
Holder
20. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Board of Directors
Partnership
Restrictive Endorsement
21. An agreement between two or more competent persons which is enforceable by law.
Contract
Employer
Misrepresentation
General Partner
22. Laws which are enacted by legislative bodies.
Statutes
Preferred Stock
Criminal Law
Assignment
23. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Certificate of Deposit
Stockholders (Shareholders)
Personal Property
Breach of Contract
24. A body of persons elected by the stockholders to define and establish corporate policy.
Implied Warranties
Promoter
Board of Directors
Bailor
25. A party who appoints a second party to serve as an agent.
Malpractice
Blank Endorsement
Principal
Fraud
26. All property which is not real property.
Alien corporation
Capital Stock
Draft
Personal Property
27. An endorsement which prevents the use of the instrument for anything except the stated use.
Agent
Petition (Complaint)
Endorser
Restrictive Endorsement
28. The party to whom the assignment is made.
Capital Stock
Plaintiff
Subchapter S Corporation
Assignee
29. The goods specified by the buyer and seller.
Property
Revocation
Unilateral Contract
Identified Goods
30. To take into police custody.
Real Property
Arrest
Acceptance
Employee
31. An endorsement which designates the particular person to whom payment is to be made.
Negotiable Instrument (Commercial Paper)
Special Endorsement
Future Goods
Consignor
32. The party who gives up possession - but not title - of property in a bailment.
Bailor
Void Contract
Contract
Judgment
33. A written request initiating a civil suit.
Negotiation
Petition (Complaint)
Endorsement
Contract to Sell
34. 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
Malpractice
Petition (Complaint)
Assignment
Independent Contractor
35. 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
Commercial Paper (Negotiable Instrument)
Booking
Intangible Personal Property
Usurious
36. 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.
Independent Contractor
Answer
Order Paper
Fraud
37. Laws dealing with crimes and the punishment of wrongdoers.
Domestic corporation
Real Property
Criminal Law
Executory Contracts
38. A means whereby one party conveys rights to another person who is not a party to the original contract.
Dormant or sleeping partner
Assignment
Void Contract
Creditor Beneficiary
39. A criminal offense which is neither treason nor a felony.
Consignee
Misdemeanor
Third Party Beneficiary
Statutes
40. One who ships goods by common carrier.
Disaffirmance
Special Performance
Consignor
Promissory Estoppel
41. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Drawer
Contract to Sell
Law (Blackstone's Definition)
Necessaries (Necessities)
42. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Plaintiff
Executed Contracts
Dormant or sleeping partner
Domestic corporation
43. Charging a person with a crime and asking for that person's plea.
Arraignment
Holder
Misrepresentation
Injunction
44. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Express Warranty
Minor
Beneficiary
Nominal Partner
45. The contracting of services rather than goods.
Special Endorsement
Personal Property
Service Contracts
Subchapter S Corporation
46. The person against whom legal action is brought. 1
Merchant
Defendant
Criminal Law
Domestic corporation
47. An offense which is injurious to society as a whole.
Promoter
Crime
Limited Liability Corporation
Nominal Damages
48. 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.
Contract to Sell
Bill of Sale
Statute of Frauds
General Agent
49. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Maker
Subchapter S Corporation
Duress
Warranties
50. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Identified Goods
Unenforceable Contract
Misrepresentation