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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 actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Answer
Payee
Unilateral Contract
Express Warranty
2. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Booking
Executory Contracts
Limited Partner
Contractual Capability
3. Those contracts that must be in special form or produced in a certain way - such as under seal.
Summons (Process)
Formal Contract
Preferred Stock
Donee Beneficiary
4. A person in possession of an instrument.
Bearer
Business Law
Express Authority
Beneficiary
5. An endorsement which prevents the use of the instrument for anything except the stated use.
Offer
Stare Decisis
Punitive Damages
Restrictive Endorsement
6. The signature or statement of purpose by the owner on the back of the instrument.
Drawer
Endorsement
Preferred Stock
Board of Directors
7. 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.
Implied Authority
Draft
Express Warranty
Misdemeanor
8. Confirming an act that was executed without authority or an act which was voidable.
Statute of Limitations
Counteroffer
Ratification
Misrepresentation
9. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Contract
Drawee
Implied Contract
Beneficiary
10. The transfer of possession but not the title of personal property by one party to another - under agreement.
Arraignment
Certificate of Deposit
Bailment
Consignor
11. 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.
General Partner
Crime
Check
Draft
12. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Sherman Antitrust Act
Consignee
Nominal Partner
13. Declared value of outstanding stock.
Assignor
Capital Stock
Arrest
Stockholders (Shareholders)
14. Land and those objects permanently attached to land. Rejection refusal to accept.
Commercial Paper (Negotiable Instrument)
Injunction
Subchapter S Corporation
Real Property
15. The party making the assignment.
Negligence
Assignor
Negotiable Instrument (Commercial Paper)
Par-value Stock
16. A corporation formed by individuals to form some non-governmental function.
Treasury Stock
Statute of Limitations
Private Corporation
Merchant
17. One who ships goods by common carrier.
Void Contract
Holder
Offeree
Consignor
18. 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.
Express Contract
Process (Summons)
Sole proprietorship
Duress
19. An agent's authority to do things not specifically authorized in order to carry out express authority.
Voidable Contract
Void Contract
Valid Contract
Implied Authority
20. One that is incorporated in a foreign country.
Crime
Cashier's Check
Alien corporation
Drawer
21. 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.
Consideration
Duress
Criminal Law
Corporation
22. The party to whom any negotiable instrument is made payable.
Secret Partner
Arraignment
Payee
Foreign Corporation
23. 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.
Merchant
Disaffirmance
Fraud
Qualified Endorsement
24. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Agent
Consignor
Executory Contracts
Close (closed - closely held) corporation
25. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Payee
Tort
Undue Influence
Dormant or sleeping partner
26. Partner active in a business unknown to the public.
Counteroffer
Secret Partner
Assignee
Beneficiary
27. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Breach of Contract
Contract to Sell
Accord and Satisfaction
Beneficiary
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.
Drawer
Corporation
Common Stock
Merchant
29. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Goods
General Agent
Special Performance
Fiduciary
30. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Valid Contract
Common Stock
Beneficiary
31. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Nominal Partner
Statutes
Subchapter S Corporation
Property
32. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Implied Authority
Order Paper
Judgment
33. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Partnership
Fraud
Necessaries (Necessities)
Third Party Beneficiary
34. The party to whom the assignment is made.
Arraignment
Maker
Assignee
Injunction
35. A criminal offense that is punishable by confinement in prison or by death.
Felony
Nominal Damages
Order Paper
Contract
36. Laws enacted by local municipalities.
Executed Contracts
Assignee
Nominal Damages
Ordinances
37. Canceling - annulling - avoiding.
Disaffirmance
Ratification
Compensatory Damages
Rescission
38. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Existing Goods
Promissory Note
Implied Contract
Accord and Satisfaction
39. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Minor
Stare Decisis
Order Paper
Misdemeanor
40. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Par-value Stock
General Agent
Punitive Damages
41. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Check
Business Law
Duress
Subchapter S Corporation
42. The person who executes any draft.
Ordinances
Drawer
Uniform Commercial Code
Statutes
43. 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.
Undue Influence
Capital Stock
Summons (Process)
Par-value Stock
44. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Offeror
Agent
Punitive Damages
Stockholders (Shareholders)
45. To take into police custody.
Arrest
Goods
Executed Contracts
Process (Summons)
46. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Summons (Process)
Warranties
Subchapter S Corporation
47. 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
Certified Check
Shareholders (Stockholders)
Booking
Discovery
48. The repudiation of - or election to avoid - a voidable contract.
Common Stock
Goods
Fiduciary
Disaffirmance
49. That consideration stipulated by contract - generally expressed in money or money's worth.
General Agent
Necessaries (Necessities)
Holder
Price
50. A criminal offense which is neither treason nor a felony.
Goods
Holder
Misdemeanor
Breach of Contract