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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.
Offeror
Independent Contractor
Maker
Discovery
2. 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.
Foreign Corporation
Fraud
Draft
Private Corporation
3. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Ratification
Intangible Personal Property
Uniform Commercial Code
Punitive Damages
4. Stock with an assigned face vale.
Ratification
Trial Courts
Par-value Stock
Answer
5. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Corporation
Arraignment
Foreign Corporation
Plaintiff
6. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Private Corporation
Nominal Damages
Summons (Process)
Nominal Partner
7. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Void Contract
Promoter
Counteroffer
Goods
8. One authorized by the principal to execute specific acts.
Ordinances
Special Agent
Unenforceable Contract
Fraud
9. A criminal offense that is punishable by confinement in prison or by death.
Felony
Assignment
Petition (Complaint)
Common Stock
10. An endorsement which prevents the use of the instrument for anything except the stated use.
Shareholders (Stockholders)
Unilateral Contract
Principal
Restrictive Endorsement
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.
Draft
Statutes
Blank Endorsement
Treasury Stock
12. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Employer
Process (Summons)
Business Law
Uniform Commercial Code
13. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Assignor
Antitrust
Complaint (petition)
14. 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.
Trial Courts
Endorsement
Duress
Future Goods
15. An agreement between two or more competent persons which is enforceable by law.
Contract
Minor
Preferred Stock
Bearer Paper
16. 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.
Cashier's Check
General Agent
Certificate of Deposit
Bearer Paper
17. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Alien corporation
Liquidated Damages
Implied Authority
Formal Contract
18. An award paid to the injured party to cover the exact amount of their loss - but no more.
Agent
Law (Blackstone's Definition)
Compensatory Damages
Capital Stock
19. Anything that may be owned.
Property
Special Endorsement
Consignee
Discovery
20. Court hearing cases appealed from lower courts.
Valid Contract
Close (closed - closely held) corporation
Employee
Appellate Court
21. Person who pretends to be a partner or permits others to represent him or her as a partner.
Limited Partner
Promoter
Nominal Partner
Bill of Sale
22. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Revocation
Necessaries (Necessities)
Common Law
Express Contract
23. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Independent Contractor
Statutes
Valid Contract
24. The person against whom legal action is brought. 1
Defendant
Bailor
Discovery
Statutes
25. An individual actively and openly engaged in the business and held out to everyone as a partner.
Implied Contract
General Partner
Booking
Warranties
26. A business owned by one person.
Limited Partner
Sole proprietorship
Preferred Stock
Bearer
27. One who ships goods by common carrier.
Consignor
Secret Partner
Sherman Antitrust Act
General Agent
28. 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.
Alien corporation
Partnership
Future Goods
Necessaries (Necessities)
29. Pretrial steps taken to learn the details of the case.
Bill of Sale
Discovery
Negotiable Instrument (Commercial Paper)
Limited Liability Corporation
30. 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.
Bailee
Foreign Corporation
Stare Decisis
Uniform Commercial Code
31. Those contracts that must be in special form or produced in a certain way - such as under seal.
Third Party Beneficiary
Assignment
Bearer
Formal Contract
32. The party who acquires possession but not the title of personal property in a bailment.
Duress
Bailee
Consignor
Ratification
33. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
General Agent
Dormant or sleeping partner
Maker
34. The person to whom an offer is made.
Tort
Accord and Satisfaction
Contract to Sell
Offeree
35. Person who writes his or her name on back of instrument.
Formal Contract
Endorser
Assignee
Sale
36. 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.
Assignor
Merchant
Implied Warranties
Ordinances
37. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Counteroffer
Discharge
Novation
Uniform Commercial Code
38. A contract remedy by which the court requires the breaching party to perform the contract.
Express Authority
Special Performance
Ratification
Accord and Satisfaction
39. The necessity that the parties desiring to enter into contracts meet all requirements.
Bailor
Discharge
Contractual Capability
Misrepresentation
40. One that is incorporated in a foreign country.
Alien corporation
Fiduciary
Liquidated Damages
Dormant or sleeping partner
41. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Contract to Sell
Donee Beneficiary
Void Contract
Unilateral Contract
42. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Limited Liability Corporation
Implied Authority
Agent
Offeree
43. The party to whom the assignment is made.
Assignee
Offer
Consideration
Misrepresentation
44. One in possession of commercial paper.
Unenforceable Contract
Negotiation
Assignee
Holder
45. That which the promisor demands and receives as the price for a promise.
Accord and Satisfaction
Board of Directors
Consideration
Draft
46. Any contract other than a formal contract - whether written - oral or implied.
Drawer
Certificate of Deposit
Simple Contract
Bailee
47. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Acceptance
Drawer
Assignment
48. 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
Contract to Sell
Formal Contract
Subchapter S Corporation
49. Exceeding the maximum rate of interest which may be charged on loans.
Counteroffer
Judgment
Executory Contracts
Usurious
50. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Implied Authority
Subchapter S Corporation
Draft
Uniform Commercial Code