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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.
Price
Existing Goods
Creditor Beneficiary
Secret Partner
2. The person against whom legal action is brought. 1
Defendant
Contract
Ratification
Assignor
3. 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.
Corporation
Dormant or sleeping partner
Statute of Limitations
Counteroffer
4. Movable tangible personal property.
Bearer Paper
Goods
Special Agent
Employer
5. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Minor
Dormant or sleeping partner
Limited Liability Corporation
Criminal Law
6. A document of conveyance that provides written evidence of one's title to tangible personal property.
Offeror
Bill of Sale
Subchapter S Corporation
Real Property
7. A business owned by one person.
Special Endorsement
Sole proprietorship
Promissory Estoppel
Consignor
8. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Drawee
Punitive Damages
Arrest
Implied Contract
9. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Unilateral Contract
Criminal Law
Uniform Commercial Code
Subchapter S Corporation
10. A person in possession of an instrument.
Bearer
Employer
Foreign Corporation
Intangible Personal Property
11. 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.
Draft
Novation
Executory Contracts
Breach of Contract
12. All property which is not real property.
Statute of Frauds
Implied Contract
Intangible Personal Property
Personal Property
13. The party to whom the assignment is made.
Assignee
Consignee
Limited Partner
Answer
14. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Price
Promissory Estoppel
Personal Property
Shareholders (Stockholders)
15. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Alien corporation
Promissory Note
Compensatory Damages
16. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Implied Contract
Bearer
Personal Property
Contract to Sell
17. 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.
Donee Beneficiary
Employee
Usurious
Existing Goods
18. To take into police custody.
Acceptance
Arrest
Consignor
Secret Partner
19. Those contracts that must be in special form or produced in a certain way - such as under seal.
Common Stock
Formal Contract
Foreign Corporation
Donee Beneficiary
20. A means whereby one party conveys rights to another person who is not a party to the original contract.
Stare Decisis
General Agent
Assignment
Undue Influence
21. Laws which are enacted by legislative bodies.
Service Contracts
Bearer Paper
Statutes
Limited Partner
22. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Commercial Paper (Negotiable Instrument)
Offeror
Law (Blackstone's Definition)
Warranties
23. A law that restricts the period of time within which an action may be brought to court.
Public Corporation
Nominal Partner
Statute of Limitations
Accord and Satisfaction
24. An offense which is injurious to society as a whole.
Partnership
Board of Directors
Payee
Crime
25. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Certified Check
Board of Directors
Endorsement
Undue Influence
26. Laws which seek to promote competition among businesses.
Valid Contract
Bill of Sale
Antitrust
Implied Contract
27. 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.
Statute of Frauds
Usurious
Void Contract
Partnership
28. Confirming an act that was executed without authority or an act which was voidable.
Punitive Damages
Simple Contract
Misdemeanor
Ratification
29. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Unenforceable Contract
Arraignment
Simple Contract
Express Warranty
30. Partner unknown to public with no part in management.
Answer
Dormant or sleeping partner
Contract to Sell
Maker
31. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Subchapter S Corporation
Negligence
Nominal Damages
Order Paper
32. One that is incorporated in a foreign country.
Secret Partner
Alien corporation
Answer
Offeror
33. Stock reacquired by a corporation.
Endorsement
Treasury Stock
Independent Contractor
Certified Check
34. Laws enacted by local municipalities.
Bailment
Ordinances
Treasury Stock
Secret Partner
35. A decision of a court.
Express Warranty
Bailee
Judgment
Payee
36. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Employer
Endorser
Revocation
Promissory Estoppel
37. Stock that entitles owner vote.
Revocation
Implied Warranties
Law (Blackstone's Definition)
Common Stock
38. 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.
Fraud
Payee
Nominal Partner
Trial Courts
39. The individual who initiates a civil action.
Plaintiff
Consignee
Negligence
Common Law
40. The goods specified by the buyer and seller.
Intangible Personal Property
Personal Property
Assignor
Identified Goods
41. A check drawn on a bank's own funds and signed by a responsible bank official.
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42. Having no words other than the signature of the endorser.
Cashier's Check
Maker
Drawer
Blank Endorsement
43. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Silent Partner
Consignee
Liquidated Damages
44. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Undue Influence
Limited Liability Corporation
Nominal Damages
45. 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.
Statutes
Plaintiff
Stare Decisis
Undue Influence
46. An agreement of no legal effect.
Bill of Lading
Felony
Price
Void Contract
47. Stating an untrue fact.
Unenforceable Contract
Misrepresentation
Statutes
Property
48. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Negotiation
Express Authority
Drawee
49. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Consignor
Stockholders (Shareholders)
Capital Stock
Identified Goods
50. The repudiation of - or election to avoid - a voidable contract.
Alien corporation
Implied Contract
Disaffirmance
Crime