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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 who executes a promissory note.
Disaffirmance
Par-value Stock
Express Warranty
Maker
2. Power to act for someone else.
Subchapter S Corporation
Authority
Bailee
Promissory Estoppel
3. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Compensatory Damages
Existing Goods
Statute of Limitations
Subchapter S Corporation
4. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Express Warranty
Principal
Offeror
5. 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
Summons (Process)
Duress
6. 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.
Warranties
Creditor Beneficiary
Endorser
Merchant
7. The change of one of the parties to a contract at the mutual agreement of the original parties.
Crime
Novation
Express Contract
Rescission
8. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Statutes
Undue Influence
Contractual Capability
9. A written request initiating a civil suit.
Real Property
Special Performance
Fiduciary
Petition (Complaint)
10. 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.
Commercial Paper (Negotiable Instrument)
Drawee
Contractual Capability
Employer
11. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Acceptance
Merchant
Fraud
12. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Process (Summons)
Rescission
Order Paper
Cashier's Check
13. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Usurious
Appellate Court
Contract to Sell
Crime
14. A negotiable instrument containing a promise to pay.
Common Law
Unilateral Contract
Price
Promissory Note
15. The person against whom legal action is brought. 1
Defendant
Contract
Novation
Law (Blackstone's Definition)
16. Anything that may be owned.
Check
Property
Special Endorsement
Executory Contracts
17. 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.
Negligence
Draft
Fraud
Formal Contract
18. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Offeree
Statute of Limitations
Appellate Court
19. The party making the assignment.
Executed Contracts
Assignor
Fraud
Limited Partner
20. The party to whom any negotiable instrument is made payable.
Petition (Complaint)
Consignee
Negligence
Payee
21. The person who executes any draft.
Drawer
Plaintiff
Contract to Sell
Implied Contract
22. Courts that conduct the original trial and render their decision.
Common Law
Trial Courts
Necessaries (Necessities)
Independent Contractor
23. The signature or statement of purpose by the owner on the back of the instrument.
Drawee
Endorsement
Limited Partner
Silent Partner
24. Exceeding the maximum rate of interest which may be charged on loans.
Malpractice
Treasury Stock
Misdemeanor
Usurious
25. Operates in the state that granted the charter.
Domestic corporation
Private Corporation
Voidable Contract
Common Stock
26. The party who gives up possession - but not title - of property in a bailment.
Judgment
Goods
Bailor
Par-value Stock
27. 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.
Maker
Employer
Accord and Satisfaction
Drawer
28. A criminal offense that is punishable by confinement in prison or by death.
Property
Assignee
Felony
Void Contract
29. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Future Goods
Stockholders (Shareholders)
Implied Contract
Defendant
30. A law that restricts the period of time within which an action may be brought to court.
Rescission
Executed Contracts
Statute of Limitations
Bearer
31. Confirming an act that was executed without authority or an act which was voidable.
Unilateral Contract
Capital Stock
Crime
Ratification
32. 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.
Criminal Law
Treasury Stock
Duress
Discharge
33. Person who writes his or her name on back of instrument.
Endorser
Order Paper
Close (closed - closely held) corporation
Assignment
34. 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
Booking
Consignor
Necessaries (Necessities)
Nominal Partner
35. Those contracts in which the terms have not been completely executed or fulfilled.
Drawee
Counteroffer
Service Contracts
Executory Contracts
36. One authorized by the principal to execute specific acts.
Bill of Sale
Preferred Stock
Special Agent
Fraud
37. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Corporation
Defendant
Express Contract
Domestic corporation
38. 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.
General Partner
Partnership
Discovery
Arrest
39. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Assignment
Fraud
Shareholders (Stockholders)
40. Stating an untrue fact.
Negotiable Instrument (Commercial Paper)
Statute of Limitations
Misrepresentation
Certificate of Deposit
41. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Silent Partner
Certificate of Deposit
Undue Influence
Drawee
42. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Implied Warranties
Bailment
Unilateral Contract
43. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Blank Endorsement
Employee
Stare Decisis
Donee Beneficiary
44. The authority of an agent - stated in the document or agreement creating the agency.
Criminal Law
Acceptance
Stockholders (Shareholders)
Express Authority
45. Partner active in a business unknown to the public.
Secret Partner
Bill of Lading
Booking
Common Stock
46. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Preferred Stock
Tort
Misdemeanor
47. Those goods which are not in existence at the time a contract is agreed to.
Existing Goods
Offer
Consignee
Future Goods
48. A person in possession of an instrument.
Bearer
Price
Consignor
Partnership
49. Laws which seek to promote competition among businesses.
Formal Contract
Domestic corporation
Antitrust
Foreign Corporation
50. One who ships goods by common carrier.
Consignor
Defendant
Third Party Beneficiary
Executed Contracts