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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. Movable tangible personal property.
Goods
Sole proprietorship
Alien corporation
Revocation
2. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Discovery
Implied Warranties
Shareholders (Stockholders)
Endorsement
3. Official document detailing a defendant's defense.
Answer
Bailee
Booking
Holder
4. A business owned by one person.
Petition (Complaint)
Drawer
Sole proprietorship
Ordinances
5. Confirming an act that was executed without authority or an act which was voidable.
Negligence
Offeree
Discharge
Ratification
6. The individual who initiates a civil action.
Plaintiff
Booking
Promoter
Consignor
7. Canceling - annulling - avoiding.
Uniform Commercial Code
Limited Partner
Third Party Beneficiary
Rescission
8. 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.
Intangible Personal Property
Fraud
Business Law
Implied Contract
9. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Express Contract
Bill of Lading
Order Paper
Statute of Limitations
10. A contract which will be enforced by the court.
Valid Contract
Independent Contractor
Statute of Limitations
Foreign Corporation
11. A commercial paper payable to bearer; i.e. to the person having possession of such.
Implied Warranties
Existing Goods
Bearer Paper
Bill of Sale
12. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Express Warranty
Accord and Satisfaction
Alien corporation
Future Goods
13. A check for which the bank assures that the drawer has sufficient funds to make payment.
Rescission
Board of Directors
Certified Check
Property
14. That consideration stipulated by contract - generally expressed in money or money's worth.
Common Law
Nominal Damages
Price
Secret Partner
15. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
General Agent
Minor
Offeror
Order Paper
16. The authority of an agent - stated in the document or agreement creating the agency.
Par-value Stock
Express Authority
Qualified Endorsement
Silent Partner
17. An endorsement which designates the particular person to whom payment is to be made.
Bill of Lading
Process (Summons)
Special Endorsement
Formal Contract
18. Partner unknown to public with no part in management.
Nominal Partner
Dormant or sleeping partner
Authority
Foreign Corporation
19. The party making the assignment.
Shareholders (Stockholders)
Assignor
Property
Novation
20. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Intangible Personal Property
Foreign Corporation
Shareholders (Stockholders)
Property
21. An agreement between two or more competent persons which is enforceable by law.
Special Performance
Contract
Booking
Injunction
22. The party who gives up possession - but not title - of property in a bailment.
Statutes
Agent
Breach of Contract
Bailor
23. A criminal offense which is neither treason nor a felony.
Dormant or sleeping partner
Misdemeanor
Malpractice
Special Endorsement
24. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Fiduciary
Alien corporation
Close (closed - closely held) corporation
Uniform Commercial Code
25. Person not party to a contract - but whom parties intended to benefit.
Contract
Third Party Beneficiary
Uniform Commercial Code
Formal Contract
26. A written request initiating a civil suit.
Fiduciary
Complaint (petition)
Limited Partner
Breach of Contract
27. One to whom goods are shipped by common carrier.
Implied Authority
Future Goods
Arraignment
Consignee
28. The party to whom the assignment is made.
Assignee
Misdemeanor
Subchapter S Corporation
Consignee
29. An individual actively and openly engaged in the business and held out to everyone as a partner.
Endorser
Discovery
Statute of Limitations
General Partner
30. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Rescission
Silent Partner
Unenforceable Contract
Unilateral Contract
31. An agent's authority to do things not specifically authorized in order to carry out express authority.
Consignor
Order Paper
Implied Authority
Fraud
32. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Punitive Damages
Implied Contract
Silent Partner
Injunction
33. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Warranties
Special Performance
Beneficiary
Statute of Limitations
34. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Real Property
Secret Partner
Common Law
Business Law
35. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Warranties
Donee Beneficiary
Fiduciary
Drawer
36. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Unilateral Contract
Consignor
Misdemeanor
37. A check drawn on a bank's own funds and signed by a responsible bank official.
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38. The party to whom any negotiable instrument is made payable.
Answer
Subchapter S Corporation
Payee
Tort
39. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Bailment
Goods
Bill of Lading
40. Those goods which are - at the time of the contract - in existence and owned by the seller.
Stare Decisis
Maker
Offeror
Existing Goods
41. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Judgment
Counteroffer
Revocation
Statutes
42. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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43. Charging a person with a crime and asking for that person's plea.
Secret Partner
Drawee
Arraignment
Warranties
44. One in possession of commercial paper.
Common Law
Goods
Holder
Treasury Stock
45. Stock reacquired by a corporation.
Restrictive Endorsement
Treasury Stock
Executed Contracts
Consignee
46. All property which is not real property.
Domestic corporation
Promissory Note
Executory Contracts
Personal Property
47. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Acceptance
Agent
Drawee
Statute of Limitations
48. A negotiable instrument containing a promise to pay.
Plaintiff
Employer
Promissory Note
Payee
49. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Malpractice
Preferred Stock
Duress
50. An agreement to an offer resulting in a contract.
Private Corporation
Criminal Law
Acceptance
Holder