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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 person who executes any draft.
Common Law
Fiduciary
Drawer
Felony
2. All property which is not real property.
Bearer Paper
Statutes
Bailee
Personal Property
3. Power to act for someone else.
Statute of Limitations
Authority
Par-value Stock
Certificate of Deposit
4. A criminal offense that is punishable by confinement in prison or by death.
General Partner
Felony
General Agent
Minor
5. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Malpractice
Felony
Consideration
Compensatory Damages
6. Declared value of outstanding stock.
Maker
Bearer
Capital Stock
Certificate of Deposit
7. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Statute of Frauds
Contract
Law (Blackstone's Definition)
Stockholders (Shareholders)
8. Laws dealing with crimes and the punishment of wrongdoers.
Consignee
Complaint (petition)
Criminal Law
Sherman Antitrust Act
9. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Statute of Frauds
Crime
Silent Partner
Shareholders (Stockholders)
10. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Tort
Promissory Estoppel
Implied Contract
Necessaries (Necessities)
11. Those goods which are - at the time of the contract - in existence and owned by the seller.
Par-value Stock
Void Contract
Price
Existing Goods
12. Operates in the state that granted the charter.
Cashier's Check
Blank Endorsement
Endorsement
Domestic corporation
13. Having no words other than the signature of the endorser.
Complaint (petition)
Blank Endorsement
Misdemeanor
Treasury Stock
14. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Malpractice
Judgment
Limited Liability Corporation
Special Endorsement
15. The person - company - or financial institution ordered to pay a draft.
Secret Partner
Summons (Process)
Process (Summons)
Drawee
16. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Common Stock
Statute of Limitations
Undue Influence
Commercial Paper (Negotiable Instrument)
17. Land and those objects permanently attached to land. Rejection refusal to accept.
Partnership
Real Property
Express Authority
Valid Contract
18. An agreement between two or more competent persons which is enforceable by law.
Consignee
Liquidated Damages
Contract
Sale
19. The goods specified by the buyer and seller.
Domestic corporation
Arrest
Identified Goods
Executed Contracts
20. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Assignor
Misdemeanor
Voidable Contract
Holder
21. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Creditor Beneficiary
Ordinances
Accord and Satisfaction
Trial Courts
22. One who ships goods by common carrier.
Independent Contractor
Bill of Sale
Consignor
Special Agent
23. A corporation formed by individuals to form some non-governmental function.
Nominal Damages
Private Corporation
Employer
Bailor
24. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Minor
Negligence
Subchapter S Corporation
Business Law
25. 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.
Stockholders (Shareholders)
Draft
Void Contract
Third Party Beneficiary
26. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Real Property
Contract to Sell
General Partner
Simple Contract
27. The individual who initiates a civil action.
Fraud
Plaintiff
Fiduciary
Partnership
28. Charging a person with a crime and asking for that person's plea.
Future Goods
Donee Beneficiary
Arraignment
Sale
29. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Judgment
Special Endorsement
Partnership
30. 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.
Identified Goods
Common Stock
Fraud
Novation
31. An offense which is injurious to society as a whole.
Implied Authority
Contractual Capability
Employee
Crime
32. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Draft
Endorsement
Existing Goods
33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Restrictive Endorsement
General Agent
Statutes
34. The change of one of the parties to a contract at the mutual agreement of the original parties.
Process (Summons)
Novation
Board of Directors
Fiduciary
35. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Preferred Stock
Minor
Commercial Paper (Negotiable Instrument)
36. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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37. One authorized by the principal to execute specific acts.
Statute of Frauds
Malpractice
Special Agent
Sole proprietorship
38. 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.
Stockholders (Shareholders)
Check
Contract to Sell
Goods
39. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Sherman Antitrust Act
Valid Contract
Negotiable Instrument (Commercial Paper)
40. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Silent Partner
Implied Authority
Beneficiary
41. 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.
Third Party Beneficiary
Promissory Estoppel
General Partner
Merchant
42. The party to whom the assignment is made.
Assignee
Offeror
Personal Property
Corporation
43. An individual who takes no active part in the management of a business but has capital invested in the business.
Bearer
Silent Partner
Intangible Personal Property
Domestic corporation
44. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Novation
Ratification
Sole proprietorship
45. A criminal offense which is neither treason nor a felony.
Par-value Stock
Offer
Misdemeanor
Usurious
46. Court hearing cases appealed from lower courts.
Appellate Court
Misrepresentation
Disaffirmance
Foreign Corporation
47. Any contract other than a formal contract - whether written - oral or implied.
Board of Directors
Simple Contract
Express Warranty
Acceptance
48. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Disaffirmance
Assignee
Revocation
49. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Qualified Endorsement
Valid Contract
Dormant or sleeping partner
50. The authority of an agent - stated in the document or agreement creating the agency.
Contract to Sell
Express Contract
Consignor
Express Authority