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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.
Statute of Limitations
Creditor Beneficiary
Ordinances
Price
2. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Payee
Check
Promissory Note
3. A judicial order or decree forbidding the performance of a certain act.
Secret Partner
Law (Blackstone's Definition)
Executory Contracts
Injunction
4. Anything that may be owned.
Booking
Draft
Antitrust
Property
5. A party who appoints a second party to serve as an agent.
Alien corporation
Principal
Partnership
Foreign Corporation
6. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Sole proprietorship
Capital Stock
Limited Partner
Arrest
7. The contracting of services rather than goods.
Service Contracts
Corporation
Contract to Sell
Defendant
8. Customs that have become recognized by the courts as binding on the community.
Commercial Paper (Negotiable Instrument)
Common Law
Bailee
Stockholders (Shareholders)
9. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Bearer Paper
Domestic corporation
Capital Stock
10. Pretrial steps taken to learn the details of the case.
Revocation
Discovery
Voidable Contract
Arraignment
11. 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.
Punitive Damages
Tort
Merchant
Creditor Beneficiary
12. A criminal offense which is neither treason nor a felony.
Subchapter S Corporation
Identified Goods
Misdemeanor
Uniform Commercial Code
13. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Partnership
Consignor
Novation
Contract to Sell
14. Land and those objects permanently attached to land. Rejection refusal to accept.
Business Law
Holder
Real Property
Bill of Sale
15. A criminal offense that is punishable by confinement in prison or by death.
Felony
Special Performance
Defendant
Misdemeanor
16. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Fraud
Executed Contracts
Stockholders (Shareholders)
17. Partner unknown to public with no part in management.
Antitrust
Dormant or sleeping partner
Voidable Contract
Business Law
18. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Fraud
Minor
Corporation
Valid Contract
19. The goods specified by the buyer and seller.
Identified Goods
Promoter
Criminal Law
Sherman Antitrust Act
20. A contract which will be enforced by the court.
Disaffirmance
Answer
Valid Contract
Draft
21. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Foreign Corporation
Formal Contract
Voidable Contract
Negotiable Instrument (Commercial Paper)
22. One in possession of commercial paper.
Bailee
Holder
Bill of Lading
Treasury Stock
23. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Personal Property
Certificate of Deposit
Foreign Corporation
Discharge
24. The party who initiates - or makes - an offer.
Statute of Frauds
Petition (Complaint)
Misdemeanor
Offeror
25. Person who writes his or her name on back of instrument.
Endorser
Assignor
Drawee
Punitive Damages
26. Laws enacted by local municipalities.
Promoter
Ordinances
Maker
Express Warranty
27. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Revocation
General Agent
Implied Contract
28. Laws which are enacted by legislative bodies.
Statutes
Appellate Court
Compensatory Damages
Beneficiary
29. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Alien corporation
Existing Goods
Stare Decisis
30. An offense which is injurious to society as a whole.
Compensatory Damages
Minor
Necessaries (Necessities)
Crime
31. Movable tangible personal property.
Dormant or sleeping partner
Limited Partner
Goods
Sherman Antitrust Act
32. The person - company - or financial institution ordered to pay a draft.
Alien corporation
Corporation
Drawee
Silent Partner
33. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Law (Blackstone's Definition)
Simple Contract
Intangible Personal Property
Negotiation
34. An agreement to an offer resulting in a contract.
Assignment
Acceptance
Stockholders (Shareholders)
Duress
35. An individual actively and openly engaged in the business and held out to everyone as a partner.
Express Authority
Ordinances
General Partner
Assignee
36. Courts that conduct the original trial and render their decision.
Property
General Partner
Tort
Trial Courts
37. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Crime
Nominal Partner
Sole proprietorship
38. Partner active in a business unknown to the public.
Secret Partner
Common Law
Endorsement
Public Corporation
39. An award paid to the injured party to cover the exact amount of their loss - but no more.
Misdemeanor
Restrictive Endorsement
Bill of Sale
Compensatory Damages
40. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Special Endorsement
Crime
Express Warranty
Breach of Contract
41. Those contracts in which the terms have not been completely executed or fulfilled.
Executory Contracts
Malpractice
Special Endorsement
Voidable Contract
42. Stock that entitles owner vote.
Common Stock
Consideration
Implied Contract
Common Law
43. 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
Partnership
Unilateral Contract
Independent Contractor
Implied Warranties
44. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Summons (Process)
Order Paper
Goods
Sale
45. One to whom goods are shipped by common carrier.
Consignee
Bill of Lading
Check
Special Agent
46. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Alien corporation
Discharge
Check
Subchapter S Corporation
47. 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.
Business Law
Payee
Tort
General Agent
48. 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.
Blank Endorsement
Corporation
Ratification
Capital Stock
49. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.
Compensatory Damages
Common Law
Summons (Process)
Offer
50. Stock with an assigned face vale.
Par-value Stock
Complaint (petition)
Disaffirmance
Assignment