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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 party who initiates - or makes - an offer.
Bailment
Offeror
Statute of Frauds
Law (Blackstone's Definition)
2. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Drawer
Preferred Stock
Certified Check
Alien corporation
3. A negotiable instrument containing a promise to pay.
Negotiation
Compensatory Damages
Consignor
Promissory Note
4. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Corporation
Unenforceable Contract
Petition (Complaint)
Tort
5. Stating an untrue fact.
Misrepresentation
Bill of Sale
Domestic corporation
Counteroffer
6. A party who appoints a second party to serve as an agent.
Ratification
Offer
Principal
Offeree
7. 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
Cashier's Check
Goods
Stockholders (Shareholders)
8. 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.
Trial Courts
Bearer
Common Law
Partnership
9. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Undue Influence
Preferred Stock
Uniform Commercial Code
Authority
10. 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
Beneficiary
Petition (Complaint)
Nominal Damages
11. Person who writes his or her name on back of instrument.
Executed Contracts
Endorser
Certified Check
Sale
12. To take into police custody.
Negotiation
Arrest
Malpractice
Offeree
13. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Cashier's Check
Negligence
Personal Property
Limited Partner
14. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Sherman Antitrust Act
Accord and Satisfaction
Complaint (petition)
Payee
15. 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.
Third Party Beneficiary
General Agent
Private Corporation
Petition (Complaint)
16. One who ships goods by common carrier.
Bearer Paper
Treasury Stock
Consignor
Simple Contract
17. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Par-value Stock
Sole proprietorship
Implied Contract
Negotiation
18. 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.
Implied Warranties
Stare Decisis
Creditor Beneficiary
Dormant or sleeping partner
19. Person who pretends to be a partner or permits others to represent him or her as a partner.
Arraignment
Punitive Damages
Formal Contract
Nominal Partner
20. A decision of a court.
Future Goods
Intangible Personal Property
Beneficiary
Judgment
21. Movable tangible personal property.
Goods
Agent
Commercial Paper (Negotiable Instrument)
Business Law
22. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Complaint (petition)
Creditor Beneficiary
Bearer
23. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Unilateral Contract
Disaffirmance
Nominal Damages
Defendant
24. One who takes initial steps to form corporation.
Bearer
Business Law
Promoter
Drawee
25. Official document detailing a defendant's defense.
Answer
Defendant
Partnership
Voidable Contract
26. Laws which are enacted by legislative bodies.
Holder
Private Corporation
Statutes
Implied Contract
27. Charging a person with a crime and asking for that person's plea.
Novation
Fiduciary
Arraignment
Property
28. 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.
Certified Check
Employee
Restrictive Endorsement
Summons (Process)
29. One that is incorporated in a foreign country.
Alien corporation
Bill of Lading
Minor
Partnership
30. A criminal offense which is neither treason nor a felony.
Necessaries (Necessities)
Misdemeanor
Tort
Third Party Beneficiary
31. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Preferred Stock
Express Warranty
Sherman Antitrust Act
Negotiation
32. The act of transferring ownership of a negotiable instrument to another party.
Authority
Personal Property
Negotiation
Donee Beneficiary
33. Stock reacquired by a corporation.
Donee Beneficiary
Treasury Stock
Holder
Agent
34. Laws which seek to promote competition among businesses.
Assignor
Antitrust
Donee Beneficiary
Consignor
35. Canceling - annulling - avoiding.
Rescission
Secret Partner
Undue Influence
Warranties
36. Those goods which are not in existence at the time a contract is agreed to.
Treasury Stock
Blank Endorsement
Future Goods
Bearer
37. 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.
Petition (Complaint)
Commercial Paper (Negotiable Instrument)
Duress
Criminal Law
38. The change of one of the parties to a contract at the mutual agreement of the original parties.
Consideration
Summons (Process)
Tort
Novation
39. The party who acquires possession but not the title of personal property in a bailment.
Bill of Lading
Unenforceable Contract
Express Warranty
Bailee
40. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Order Paper
Undue Influence
Law (Blackstone's Definition)
Stockholders (Shareholders)
41. A judicial order or decree forbidding the performance of a certain act.
Complaint (petition)
Defendant
Injunction
Payee
42. 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.
Warranties
Check
Assignment
Subchapter S Corporation
43. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Contract to Sell
Nominal Partner
Discharge
Undue Influence
44. Having no words other than the signature of the endorser.
Assignment
Contract
Counteroffer
Blank Endorsement
45. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Counteroffer
Assignor
Punitive Damages
46. The party who gives up possession - but not title - of property in a bailment.
Service Contracts
Offeree
Bailor
Negligence
47. An agreement of no legal effect.
Personal Property
Limited Liability Corporation
Void Contract
Ordinances
48. Partner active in a business unknown to the public.
Secret Partner
Board of Directors
Sale
Drawer
49. Laws dealing with crimes and the punishment of wrongdoers.
Revocation
Misdemeanor
Special Endorsement
Criminal Law
50. The person - company - or financial institution ordered to pay a draft.
Negligence
Assignor
Nominal Partner
Drawee