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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 check drawn on a bank's own funds and signed by a responsible bank official.
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2. 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.
Corporation
Endorsement
Holder
Private Corporation
3. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Statute of Frauds
Negotiable Instrument (Commercial Paper)
Payee
Implied Warranties
4. Declared value of outstanding stock.
Capital Stock
Discharge
Private Corporation
Acceptance
5. Laws enacted by local municipalities.
Appellate Court
Formal Contract
Ordinances
Liquidated Damages
6. An endorsement which prevents the use of the instrument for anything except the stated use.
Punitive Damages
Restrictive Endorsement
Corporation
Felony
7. Those goods which are not in existence at the time a contract is agreed to.
Nominal Partner
Future Goods
Crime
Restrictive Endorsement
8. A business owned by one person.
Acceptance
Sole proprietorship
Identified Goods
Executory Contracts
9. The party who initiates - or makes - an offer.
Voidable Contract
Bill of Lading
Offeror
Liquidated Damages
10. Having no words other than the signature of the endorser.
Property
Blank Endorsement
Ratification
Stockholders (Shareholders)
11. The goods specified by the buyer and seller.
Identified Goods
Negotiation
Implied Warranties
Negligence
12. A criminal offense that is punishable by confinement in prison or by death.
Defendant
Void Contract
Felony
Silent Partner
13. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Silent Partner
Order Paper
Treasury Stock
14. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Cashier's Check
Personal Property
Board of Directors
15. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
General Agent
Intangible Personal Property
Public Corporation
Endorser
16. Land and those objects permanently attached to land. Rejection refusal to accept.
Silent Partner
Real Property
Assignor
Employee
17. The individual who initiates a civil action.
Consignee
Plaintiff
Statute of Frauds
Independent Contractor
18. Person not party to a contract - but whom parties intended to benefit.
Endorsement
Third Party Beneficiary
Formal Contract
Nominal Damages
19. Pretrial steps taken to learn the details of the case.
Drawee
Discovery
Limited Liability Corporation
Statute of Limitations
20. The person who executes a promissory note.
Summons (Process)
Contract to Sell
Maker
Authority
21. Stock with an assigned face vale.
Consideration
Par-value Stock
Injunction
Agent
22. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Executed Contracts
Offer
Formal Contract
23. The party who gives up possession - but not title - of property in a bailment.
Bearer
Bailor
Principal
Special Endorsement
24. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Statute of Frauds
Limited Liability Corporation
Consideration
25. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Offeree
Subchapter S Corporation
Criminal Law
Negotiable Instrument (Commercial Paper)
26. Those contracts that must be in special form or produced in a certain way - such as under seal.
Answer
Formal Contract
Implied Warranties
Common Stock
27. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
General Partner
Answer
Arraignment
28. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Silent Partner
Malpractice
Agent
Executed Contracts
29. A corporation formed to carry out government functions.
Goods
Public Corporation
Executed Contracts
Check
30. Exceeding the maximum rate of interest which may be charged on loans.
Goods
Employer
Drawer
Usurious
31. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Offeree
Revocation
Bearer Paper
Intangible Personal Property
32. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Consideration
Express Warranty
Novation
Misdemeanor
33. Those goods which are - at the time of the contract - in existence and owned by the seller.
Arraignment
Duress
Nominal Partner
Existing Goods
34. Partner unknown to public with no part in management.
Dormant or sleeping partner
Donee Beneficiary
Executory Contracts
Bailee
35. Partner active in a business unknown to the public.
Bailee
Secret Partner
Punitive Damages
Void Contract
36. The person to whom an offer is made.
Arrest
Offeree
General Agent
Trial Courts
37. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Cashier's Check
Agent
Board of Directors
Bearer Paper
38. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Assignee
Promissory Estoppel
Third Party Beneficiary
Executory Contracts
39. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Public Corporation
Disaffirmance
Donee Beneficiary
Criminal Law
40. The person against whom legal action is brought. 1
Antitrust
Revocation
Nominal Damages
Defendant
41. 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.
Maker
Revocation
Trial Courts
Partnership
42. 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.
Arrest
Identified Goods
Draft
Limited Liability Corporation
43. An individual actively and openly engaged in the business and held out to everyone as a partner.
Unilateral Contract
General Partner
Usurious
Warranties
44. The party who acquires possession but not the title of personal property in a bailment.
Assignment
Special Endorsement
Bailee
Intangible Personal Property
45. 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.
Stare Decisis
Qualified Endorsement
Goods
General Agent
46. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Third Party Beneficiary
Felony
Criminal Law
47. All property which is not real property.
Discovery
Unilateral Contract
Personal Property
Agent
48. 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.
Bearer
Injunction
Common Law
Stare Decisis
49. 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.
Fraud
Valid Contract
Real Property
Compensatory Damages
50. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Agent
Independent Contractor
Domestic corporation