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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 written request initiating a civil suit.
Petition (Complaint)
Offer
Express Contract
Process (Summons)
2. The person to whom an offer is made.
Property
Ratification
Unenforceable Contract
Offeree
3. Charging a person with a crime and asking for that person's plea.
Nominal Damages
Secret Partner
Arraignment
Special Performance
4. The signature or statement of purpose by the owner on the back of the instrument.
Existing Goods
Promissory Estoppel
Endorsement
Dormant or sleeping partner
5. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Contract to Sell
Agent
Warranties
Check
6. A corporation formed by individuals to form some non-governmental function.
Par-value Stock
Misrepresentation
Private Corporation
Implied Contract
7. The party making the assignment.
Assignor
Creditor Beneficiary
Common Stock
Special Agent
8. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Assignee
Liquidated Damages
Authority
9. A person in possession of an instrument.
Consignor
Breach of Contract
Bearer
Treasury Stock
10. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Real Property
Punitive Damages
Offeror
Consideration
11. Those goods which are - at the time of the contract - in existence and owned by the seller.
Defendant
Contractual Capability
Duress
Existing Goods
12. Laws enacted by local municipalities.
Complaint (petition)
Nominal Partner
Ordinances
Crime
13. An offense which is injurious to society as a whole.
Executory Contracts
Contract to Sell
Par-value Stock
Crime
14. 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.
Close (closed - closely held) corporation
Simple Contract
Check
Fraud
15. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Contract
Express Contract
Bill of Lading
Promissory Note
16. Laws which are enacted by legislative bodies.
Blank Endorsement
Statutes
Goods
Revocation
17. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Price
Preferred Stock
Common Stock
Undue Influence
18. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Intangible Personal Property
Novation
Real Property
19. An agreement made and executed in satisfaction of the rights one has from a previous contract.
General Agent
Assignor
Close (closed - closely held) corporation
Accord and Satisfaction
20. A contract remedy by which the court requires the breaching party to perform the contract.
Endorsement
Special Performance
Assignment
Bailor
21. The party who acquires possession but not the title of personal property in a bailment.
Answer
Complaint (petition)
Bailee
Holder
22. The party to whom any negotiable instrument is made payable.
Payee
Breach of Contract
Statutes
Implied Warranties
23. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Usurious
Payee
Implied Contract
Statute of Frauds
24. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Negotiable Instrument (Commercial Paper)
Independent Contractor
Defendant
25. The goods specified by the buyer and seller.
Unenforceable Contract
Identified Goods
General Agent
Subchapter S Corporation
26. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Express Warranty
Bill of Lading
Identified Goods
27. 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.
Consignor
Unenforceable Contract
Commercial Paper (Negotiable Instrument)
Unilateral Contract
28. Having no words other than the signature of the endorser.
Blank Endorsement
Crime
Personal Property
Usurious
29. 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.
Check
Disaffirmance
Executed Contracts
Express Contract
30. A document of conveyance that provides written evidence of one's title to tangible personal property.
Real Property
Beneficiary
Price
Bill of Sale
31. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Negotiation
Endorsement
Unilateral Contract
Bailee
32. A check for which the bank assures that the drawer has sufficient funds to make payment.
Commercial Paper (Negotiable Instrument)
Shareholders (Stockholders)
Holder
Certified Check
33. Partner unknown to public with no part in management.
Dormant or sleeping partner
Unenforceable Contract
Offer
Assignment
34. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Booking
Third Party Beneficiary
Qualified Endorsement
Bailor
35. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Duress
Bearer Paper
Restrictive Endorsement
Principal
36. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Assignment
Shareholders (Stockholders)
Real Property
Antitrust
37. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Implied Authority
Sherman Antitrust Act
Rescission
Discharge
38. 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.
Personal Property
Merchant
Common Stock
Antitrust
39. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Liquidated Damages
General Partner
Misrepresentation
40. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Executory Contracts
Bearer
Malpractice
41. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Offeror
Bill of Lading
Special Performance
Business Law
42. The party who gives up possession - but not title - of property in a bailment.
Nominal Damages
Disaffirmance
Negotiation
Bailor
43. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Nominal Partner
Consideration
Express Warranty
44. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Common Stock
Counteroffer
Novation
Minor
45. The authority of an agent - stated in the document or agreement creating the agency.
Assignor
Commercial Paper (Negotiable Instrument)
Trial Courts
Express Authority
46. 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.
Principal
Stare Decisis
Answer
Holder
47. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Nominal Damages
Fiduciary
Limited Liability Corporation
Antitrust
48. The contracting of services rather than goods.
Service Contracts
Partnership
Authority
Sole proprietorship
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.
Fraud
Defendant
Consideration
Process (Summons)
50. The person who executes a promissory note.
Rescission
Compensatory Damages
Maker
Malpractice
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