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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. That consideration stipulated by contract - generally expressed in money or money's worth.
Formal Contract
Price
Novation
Ratification
2. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Offer
Statute of Frauds
Process (Summons)
Goods
3. Laws which seek to promote competition among businesses.
Compensatory Damages
Assignor
Antitrust
Draft
4. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Offer
Special Agent
Bailment
Negotiable Instrument (Commercial Paper)
5. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Summons (Process)
General Agent
Arraignment
Punitive Damages
6. The authority of an agent - stated in the document or agreement creating the agency.
Agent
Express Authority
Principal
Booking
7. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
General Agent
Board of Directors
Discharge
Independent Contractor
8. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Limited Liability Corporation
Domestic corporation
Voidable Contract
9. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Real Property
Statute of Limitations
Uniform Commercial Code
Undue Influence
10. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Promoter
Draft
Law (Blackstone's Definition)
Sale
11. An individual who takes no active part in the management of a business but has capital invested in the business.
Par-value Stock
Maker
Silent Partner
Tort
12. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Special Endorsement
Public Corporation
Foreign Corporation
Warranties
13. 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
Future Goods
Unenforceable Contract
Independent Contractor
Bill of Lading
14. 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.
Antitrust
Nominal Partner
Stare Decisis
Plaintiff
15. A decision of a court.
Express Authority
Revocation
Judgment
Donee Beneficiary
16. An agent's authority to do things not specifically authorized in order to carry out express authority.
Bailee
Valid Contract
Principal
Implied Authority
17. 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.
Merchant
Criminal Law
Bill of Lading
Rescission
18. The person who executes a promissory note.
General Partner
Ratification
Uniform Commercial Code
Maker
19. Exceeding the maximum rate of interest which may be charged on loans.
Disaffirmance
General Agent
Usurious
Board of Directors
20. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Negligence
Dormant or sleeping partner
Stockholders (Shareholders)
Petition (Complaint)
21. Operates in the state that granted the charter.
Domestic corporation
Common Stock
Future Goods
Disaffirmance
22. A corporation formed to carry out government functions.
Summons (Process)
Drawee
Public Corporation
Acceptance
23. Partner active in a business unknown to the public.
Contractual Capability
Secret Partner
Endorser
Personal Property
24. A criminal offense that is punishable by confinement in prison or by death.
Special Agent
Felony
Dormant or sleeping partner
Unenforceable Contract
25. Any contract other than a formal contract - whether written - oral or implied.
Disaffirmance
Misrepresentation
Executed Contracts
Simple Contract
26. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Simple Contract
Board of Directors
Injunction
27. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Real Property
Bill of Lading
Offeror
Executed Contracts
28. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Consignee
Payee
Discharge
Minor
29. A contract which will be enforced by the court.
Valid Contract
Implied Contract
Misrepresentation
Bailee
30. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Usurious
Express Warranty
Foreign Corporation
Implied Contract
31. The party to whom any negotiable instrument is made payable.
Payee
Board of Directors
Defendant
Price
32. The repudiation of - or election to avoid - a voidable contract.
Arraignment
Necessaries (Necessities)
Express Warranty
Disaffirmance
33. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Booking
Fraud
Malpractice
Nominal Damages
34. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Executed Contracts
Certificate of Deposit
Agent
Alien corporation
35. 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.
Fiduciary
Law (Blackstone's Definition)
Misrepresentation
Check
36. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Endorsement
Bailee
Qualified Endorsement
Promissory Estoppel
37. Those contracts that must be in special form or produced in a certain way - such as under seal.
Consideration
Draft
Formal Contract
Ordinances
38. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Arrest
Novation
Nominal Partner
39. A means whereby one party conveys rights to another person who is not a party to the original contract.
Contractual Capability
Consideration
Special Performance
Assignment
40. An agreement between two or more competent persons which is enforceable by law.
Bailment
Criminal Law
Contract
Offer
41. Movable tangible personal property.
Negligence
Implied Contract
Goods
Certified Check
42. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Ratification
Foreign Corporation
Petition (Complaint)
Judgment
43. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Foreign Corporation
Consignee
Sale
44. 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.
Consignee
Third Party Beneficiary
Disaffirmance
Fraud
45. An agreement to an offer resulting in a contract.
Acceptance
Nominal Damages
Employer
Certificate of Deposit
46. 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.
Sale
Nominal Partner
General Agent
Ratification
47. Laws dealing with crimes and the punishment of wrongdoers.
Formal Contract
Holder
Criminal Law
Limited Liability Corporation
48. One in possession of commercial paper.
Arrest
Discovery
Holder
Goods
49. The party making the assignment.
Assignor
Offer
Petition (Complaint)
Complaint (petition)
50. Laws enacted by local municipalities.
Common Stock
Offer
Arraignment
Ordinances