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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 person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Unenforceable Contract
Implied Authority
Board of Directors
Minor
2. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Appellate Court
Donee Beneficiary
Liquidated Damages
Acceptance
3. The signature or statement of purpose by the owner on the back of the instrument.
Alien corporation
Contract to Sell
Endorsement
Arraignment
4. The person against whom legal action is brought. 1
Defendant
Trial Courts
Novation
Sale
5. An endorsement which designates the particular person to whom payment is to be made.
Executed Contracts
Special Endorsement
Commercial Paper (Negotiable Instrument)
Property
6. The party to whom any negotiable instrument is made payable.
Payee
Defendant
Minor
Express Contract
7. A check drawn on a bank's own funds and signed by a responsible bank official.
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8. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Compensatory Damages
Judgment
Bailee
Accord and Satisfaction
9. Official document detailing a defendant's defense.
Creditor Beneficiary
Implied Warranties
Existing Goods
Answer
10. Laws which seek to promote competition among businesses.
Contract
Antitrust
Promissory Note
Subchapter S Corporation
11. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Usurious
Executory Contracts
Fiduciary
12. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Public Corporation
Warranties
Trial Courts
Goods
13. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Commercial Paper (Negotiable Instrument)
Express Warranty
Beneficiary
Undue Influence
14. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Offeree
Special Agent
Drawee
15. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Statutes
Limited Partner
Negligence
Beneficiary
16. Pretrial steps taken to learn the details of the case.
Discovery
Express Contract
Intangible Personal Property
Negotiable Instrument (Commercial Paper)
17. A criminal offense that is punishable by confinement in prison or by death.
Promissory Note
Felony
Merchant
Maker
18. A corporation formed to carry out government functions.
Appellate Court
Consignee
Liquidated Damages
Public Corporation
19. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Dormant or sleeping partner
Corporation
Negotiable Instrument (Commercial Paper)
Shareholders (Stockholders)
20. The goods specified by the buyer and seller.
Antitrust
Promissory Note
Identified Goods
Subchapter S Corporation
21. Court hearing cases appealed from lower courts.
Promoter
Assignee
Appellate Court
Shareholders (Stockholders)
22. Declared value of outstanding stock.
Employer
Common Law
Executory Contracts
Capital Stock
23. One who ships goods by common carrier.
Implied Warranties
Process (Summons)
Treasury Stock
Consignor
24. A party who appoints a second party to serve as an agent.
Tort
Principal
Employee
Treasury Stock
25. A law that restricts the period of time within which an action may be brought to court.
Common Stock
Accord and Satisfaction
Statute of Limitations
Personal Property
26. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Price
Promissory Estoppel
Assignment
Plaintiff
27. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Assignor
Beneficiary
Answer
28. 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.
Partnership
Drawer
Nominal Partner
Employee
29. An expression of willingness to enter a contractual agreement.
Offer
Special Agent
Alien corporation
Donee Beneficiary
30. A decision of a court.
Business Law
Domestic corporation
Judgment
Voidable Contract
31. An offense which is injurious to society as a whole.
Bailee
Crime
Real Property
Acceptance
32. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Simple Contract
Tort
Unenforceable Contract
Felony
33. One in possession of commercial paper.
Shareholders (Stockholders)
Drawee
Holder
Identified Goods
34. A written request initiating a civil suit.
Petition (Complaint)
Price
Answer
Promissory Estoppel
35. Stock reacquired by a corporation.
Treasury Stock
Promoter
Merchant
Existing Goods
36. 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.
Stare Decisis
Executory Contracts
Arraignment
Principal
37. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Bill of Lading
Answer
Fiduciary
Sole proprietorship
38. Those goods which are not in existence at the time a contract is agreed to.
Punitive Damages
Assignor
Future Goods
Discovery
39. The party making the assignment.
Summons (Process)
Assignor
Creditor Beneficiary
Punitive Damages
40. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Assignment
Executed Contracts
Foreign Corporation
Defendant
41. Laws enacted by local municipalities.
Private Corporation
Merchant
Consignee
Ordinances
42. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Executed Contracts
Endorser
Negligence
Close (closed - closely held) corporation
43. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Summons (Process)
Limited Liability Corporation
Close (closed - closely held) corporation
Bill of Lading
44. That consideration stipulated by contract - generally expressed in money or money's worth.
Consideration
Uniform Commercial Code
Executed Contracts
Price
45. The contract existing between the consignor (shipper) and the carrier.
Independent Contractor
Bill of Lading
Board of Directors
Law (Blackstone's Definition)
46. Land and those objects permanently attached to land. Rejection refusal to accept.
Bill of Lading
Cashier's Check
Real Property
Petition (Complaint)
47. Exceeding the maximum rate of interest which may be charged on loans.
Law (Blackstone's Definition)
Future Goods
Arrest
Usurious
48. The person who executes any draft.
Drawer
Sole proprietorship
Injunction
Necessaries (Necessities)
49. Person who writes his or her name on back of instrument.
Par-value Stock
Breach of Contract
Antitrust
Endorser
50. Those contracts in which the terms have not been completely executed or fulfilled.
Trial Courts
Tort
Bailor
Executory Contracts