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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. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Implied Authority
Agent
Discharge
Donee Beneficiary
2. A warranty imposed by law - arising automatically because the sale has been made.
Bailor
Implied Warranties
Compensatory Damages
Personal Property
3. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Endorsement
Intangible Personal Property
Appellate Court
4. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Bailee
Assignment
Undue Influence
Goods
5. Canceling - annulling - avoiding.
Rescission
Limited Partner
Summons (Process)
Special Agent
6. Partner active in a business unknown to the public.
Bearer
Defendant
Secret Partner
Limited Liability Corporation
7. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Order Paper
Agent
Property
8. One authorized by the principal to execute specific acts.
General Partner
Special Agent
Usurious
Process (Summons)
9. One who ships goods by common carrier.
Consignor
Breach of Contract
Formal Contract
Limited Partner
10. Court hearing cases appealed from lower courts.
Unenforceable Contract
Board of Directors
Foreign Corporation
Appellate Court
11. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Criminal Law
Antitrust
Plaintiff
Implied Contract
12. Stock reacquired by a corporation.
Simple Contract
Implied Warranties
Treasury Stock
Cashier's Check
13. Pretrial steps taken to learn the details of the case.
Sale
Maker
Discovery
Uniform Commercial Code
14. Customs that have become recognized by the courts as binding on the community.
Nominal Damages
Restrictive Endorsement
Cashier's Check
Common Law
15. An agent's authority to do things not specifically authorized in order to carry out express authority.
Common Stock
Future Goods
Bearer
Implied Authority
16. Person who writes his or her name on back of instrument.
Price
Revocation
Endorser
Compensatory Damages
17. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Consignor
Negotiation
Counteroffer
18. Charging a person with a crime and asking for that person's plea.
Express Contract
Arraignment
Maker
Assignment
19. 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
Subchapter S Corporation
Statutes
Board of Directors
20. An award paid to the injured party to cover the exact amount of their loss - but no more.
Disaffirmance
General Agent
Offer
Compensatory Damages
21. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Holder
Common Law
Limited Liability Corporation
Stare Decisis
22. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Treasury Stock
Counteroffer
Commercial Paper (Negotiable Instrument)
Certified Check
23. Those contracts in which the terms have not been completely executed or fulfilled.
Petition (Complaint)
Executory Contracts
Negligence
Independent Contractor
24. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Merchant
Necessaries (Necessities)
Bailee
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.
Formal Contract
Executed Contracts
Ordinances
Creditor Beneficiary
26. The party making the assignment.
Voidable Contract
Bearer
Board of Directors
Assignor
27. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Unilateral Contract
Petition (Complaint)
Beneficiary
Capital Stock
28. 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.
Treasury Stock
Summons (Process)
Blank Endorsement
Implied Warranties
29. Those goods which are not in existence at the time a contract is agreed to.
Agent
Stare Decisis
Future Goods
Alien corporation
30. One that is incorporated in a foreign country.
Consideration
Alien corporation
Merchant
Fiduciary
31. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Employee
Business Law
Plaintiff
Stare Decisis
32. 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.
Contract to Sell
Corporation
Bailee
Ordinances
33. An expression of willingness to enter a contractual agreement.
Contract
Future Goods
Contractual Capability
Offer
34. 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.
Limited Liability Corporation
Usurious
Draft
Negotiable Instrument (Commercial Paper)
35. An agreement which is not in the form required by law.
Implied Contract
Unenforceable Contract
Defendant
Simple Contract
36. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Assignor
Liquidated Damages
Secret Partner
Real Property
37. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Accord and Satisfaction
Special Performance
Breach of Contract
Consignee
38. The person to whom an offer is made.
Consignor
Special Performance
Booking
Offeree
39. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Uniform Commercial Code
Par-value Stock
Stare Decisis
Board of Directors
40. Those goods which are - at the time of the contract - in existence and owned by the seller.
Criminal Law
Silent Partner
Counteroffer
Existing Goods
41. A written request initiating a civil suit.
Certified Check
Identified Goods
Petition (Complaint)
Assignee
42. 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
Bailment
Promissory Estoppel
Independent Contractor
43. The change of one of the parties to a contract at the mutual agreement of the original parties.
Creditor Beneficiary
Employee
Service Contracts
Novation
44. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Cashier's Check
Public Corporation
Limited Liability Corporation
45. The act of transferring ownership of a negotiable instrument to another party.
Bill of Sale
Rescission
Negotiation
Breach of Contract
46. Declared value of outstanding stock.
Corporation
Limited Liability Corporation
Capital Stock
Assignor
47. An offense which is injurious to society as a whole.
Close (closed - closely held) corporation
Warranties
Crime
General Agent
48. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Crime
Fiduciary
Booking
General Partner
49. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Necessaries (Necessities)
Check
Defendant
50. 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.
Breach of Contract
Malpractice
Bearer Paper
Plaintiff