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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 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.
Limited Liability Corporation
Nominal Damages
Unenforceable Contract
Summons (Process)
2. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Future Goods
Silent Partner
Executed Contracts
Alien corporation
3. One who takes initial steps to form corporation.
Promoter
Bill of Lading
Subchapter S Corporation
Treasury Stock
4. 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.
Employer
Malpractice
Bailee
Felony
5. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Disaffirmance
Warranties
Foreign Corporation
Treasury Stock
6. 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.
Employee
Public Corporation
Usurious
Fraud
7. A criminal offense that is punishable by confinement in prison or by death.
Sherman Antitrust Act
Felony
Ratification
Arraignment
8. Power to act for someone else.
Secret Partner
General Agent
Negotiation
Authority
9. A decision of a court.
Bearer Paper
Principal
Judgment
General Partner
10. Stock with an assigned face vale.
Close (closed - closely held) corporation
Par-value Stock
Statute of Frauds
Discovery
11. The person - company - or financial institution ordered to pay a draft.
Endorser
Drawee
Liquidated Damages
Statutes
12. Those contracts in which the terms have not been completely executed or fulfilled.
Treasury Stock
Accord and Satisfaction
Drawer
Executory Contracts
13. One to whom goods are shipped by common carrier.
Consignee
Par-value Stock
Endorsement
Special Endorsement
14. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Statute of Limitations
Business Law
Shareholders (Stockholders)
15. 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.
Petition (Complaint)
Duress
Subchapter S Corporation
Foreign Corporation
16. A contract remedy by which the court requires the breaching party to perform the contract.
Misdemeanor
Special Performance
Stare Decisis
Certified Check
17. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Business Law
Breach of Contract
Disaffirmance
Partnership
18. Exceeding the maximum rate of interest which may be charged on loans.
Personal Property
Bearer Paper
Usurious
Future Goods
19. The party who initiates - or makes - an offer.
Statute of Limitations
Offer
Nominal Damages
Offeror
20. 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.
Bill of Sale
Commercial Paper (Negotiable Instrument)
Revocation
Discovery
21. A check drawn on a bank's own funds and signed by a responsible bank official.
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22. A law that restricts the period of time within which an action may be brought to court.
Promissory Note
Negotiation
Check
Statute of Limitations
23. Laws dealing with crimes and the punishment of wrongdoers.
Liquidated Damages
Breach of Contract
Summons (Process)
Criminal Law
24. 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.
Complaint (petition)
Arraignment
Bailee
Partnership
25. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Fraud
Future Goods
Bailee
Express Warranty
26. The transfer of possession but not the title of personal property by one party to another - under agreement.
Accord and Satisfaction
Bailment
Existing Goods
Judgment
27. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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28. 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.
Public Corporation
Independent Contractor
Merchant
Limited Partner
29. An endorsement which limits the liability of the endorser.
Authority
Goods
Promissory Estoppel
Qualified Endorsement
30. An agreement of no legal effect.
Void Contract
Negotiable Instrument (Commercial Paper)
Endorsement
Sole proprietorship
31. Laws which are enacted by legislative bodies.
Statutes
Express Authority
Foreign Corporation
Misdemeanor
32. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Sole proprietorship
Necessaries (Necessities)
Liquidated Damages
Contract to Sell
33. A written request initiating a civil suit.
Statute of Limitations
Rescission
Partnership
Petition (Complaint)
34. A corporation formed to carry out government functions.
Public Corporation
Discharge
Summons (Process)
Bill of Sale
35. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Process (Summons)
Unenforceable Contract
Arrest
Express Contract
36. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Consideration
Ratification
Donee Beneficiary
37. Anything that may be owned.
Blank Endorsement
Holder
Qualified Endorsement
Property
38. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Usurious
Commercial Paper (Negotiable Instrument)
Necessaries (Necessities)
Criminal Law
39. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Business Law
Price
Authority
Minor
40. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Capital Stock
Fraud
Commercial Paper (Negotiable Instrument)
41. An agreement to an offer resulting in a contract.
Plaintiff
Injunction
Acceptance
Fiduciary
42. 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.
Revocation
Common Law
Answer
General Agent
43. The act of transferring ownership of a negotiable instrument to another party.
Special Agent
Offer
Misrepresentation
Negotiation
44. One authorized by the principal to execute specific acts.
Special Agent
Public Corporation
Agent
Par-value Stock
45. Pretrial steps taken to learn the details of the case.
Discovery
Limited Liability Corporation
Negligence
Check
46. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Alien corporation
Misdemeanor
Future Goods
47. A business owned by one person.
Uniform Commercial Code
Bill of Lading
Sole proprietorship
Secret Partner
48. The person to whom an offer is made.
Dormant or sleeping partner
Offeree
Close (closed - closely held) corporation
Certified Check
49. Canceling - annulling - avoiding.
Necessaries (Necessities)
Limited Liability Corporation
Rescission
Ordinances
50. An endorsement which prevents the use of the instrument for anything except the stated use.
Sale
Cashier's Check
Duress
Restrictive Endorsement