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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 against whom legal action is brought. 1
Novation
Defendant
Consignor
Uniform Commercial Code
2. 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.
Check
Restrictive Endorsement
Promissory Estoppel
Statute of Frauds
3. A contract which will be enforced by the court.
Corporation
Contract to Sell
Service Contracts
Valid Contract
4. An award paid to the injured party to cover the exact amount of their loss - but no more.
Bill of Sale
Identified Goods
Compensatory Damages
Treasury Stock
5. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Unenforceable Contract
Statute of Frauds
Bailment
Statutes
6. The change of one of the parties to a contract at the mutual agreement of the original parties.
Common Stock
Commercial Paper (Negotiable Instrument)
Novation
Common Law
7. The party who acquires possession but not the title of personal property in a bailment.
Consignee
Authority
Bailee
Summons (Process)
8. Charging a person with a crime and asking for that person's plea.
Assignee
Arraignment
Stockholders (Shareholders)
Domestic corporation
9. An endorsement which designates the particular person to whom payment is to be made.
Assignee
Malpractice
Offer
Special Endorsement
10. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Third Party Beneficiary
Special Endorsement
Promissory Estoppel
Beneficiary
11. 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 Contract
Par-value Stock
Blank Endorsement
Draft
12. 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.
Third Party Beneficiary
Assignment
Common Law
Commercial Paper (Negotiable Instrument)
13. 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.
Employee
Employer
Order Paper
Criminal Law
14. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Bearer Paper
Fraud
Payee
15. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Process (Summons)
Executed Contracts
Misdemeanor
16. Pretrial steps taken to learn the details of the case.
Bearer
Discovery
Special Endorsement
Discharge
17. Declared value of outstanding stock.
Board of Directors
Counteroffer
General Agent
Capital Stock
18. A party who appoints a second party to serve as an agent.
Principal
Restrictive Endorsement
Answer
Endorser
19. The party making the assignment.
Common Law
Stare Decisis
Certificate of Deposit
Assignor
20. A written request initiating a civil suit.
Price
Restrictive Endorsement
Bill of Lading
Complaint (petition)
21. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Answer
Consideration
Contractual Capability
22. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Negligence
Endorser
Injunction
23. A check drawn on a bank's own funds and signed by a responsible bank official.
24. An expression of willingness to enter a contractual agreement.
Offer
Contract to Sell
Employee
Ratification
25. One in possession of commercial paper.
Crime
General Agent
Promoter
Holder
26. The party who initiates - or makes - an offer.
Creditor Beneficiary
Offeror
Independent Contractor
Limited Liability Corporation
27. The goods specified by the buyer and seller.
Identified Goods
Injunction
Revocation
Misrepresentation
28. One who ships goods by common carrier.
Voidable Contract
Business Law
Consignor
Sole proprietorship
29. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Disaffirmance
Real Property
Business Law
30. One who takes initial steps to form corporation.
Independent Contractor
Treasury Stock
Common Stock
Promoter
31. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Independent Contractor
Agent
Limited Partner
Shareholders (Stockholders)
32. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Discharge
Agent
Order Paper
Novation
33. A judicial order or decree forbidding the performance of a certain act.
Goods
Injunction
Domestic corporation
Assignment
34. The party to whom any negotiable instrument is made payable.
Authority
Payee
Future Goods
Counteroffer
35. A corporation formed by individuals to form some non-governmental function.
Simple Contract
Foreign Corporation
Special Performance
Private Corporation
36. The repudiation of - or election to avoid - a voidable contract.
Creditor Beneficiary
Identified Goods
Sherman Antitrust Act
Disaffirmance
37. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Contractual Capability
Bailee
Tort
Punitive Damages
38. Partner active in a business unknown to the public.
Valid Contract
Usurious
Silent Partner
Secret Partner
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.
Assignor
Stare Decisis
Payee
Limited Partner
40. A business owned by one person.
Beneficiary
Unenforceable Contract
Creditor Beneficiary
Sole proprietorship
41. Stock that entitles owner vote.
Partnership
Common Stock
Contract
Voidable Contract
42. An offense which is injurious to society as a whole.
Draft
Summons (Process)
Alien corporation
Crime
43. A law that restricts the period of time within which an action may be brought to court.
Contract to Sell
Statute of Limitations
Necessaries (Necessities)
Breach of Contract
44. 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.
Minor
Creditor Beneficiary
Appellate Court
Contract
45. Anything that may be owned.
Property
Sale
Booking
Plaintiff
46. Person who pretends to be a partner or permits others to represent him or her as a partner.
Injunction
Promoter
Contract to Sell
Nominal Partner
47. A criminal offense which is neither treason nor a felony.
Authority
Misdemeanor
Valid Contract
Appellate Court
48. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Offer
Real Property
Stockholders (Shareholders)
Limited Partner
49. The party who gives up possession - but not title - of property in a bailment.
Defendant
Fraud
Usurious
Bailor
50. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Defendant
Existing Goods
Subchapter S Corporation
Special Agent