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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 third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Valid Contract
Voidable Contract
Donee Beneficiary
Law (Blackstone's Definition)
2. A check for which the bank assures that the drawer has sufficient funds to make payment.
Implied Warranties
Certified Check
Agent
Beneficiary
3. 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.
Negotiable Instrument (Commercial Paper)
Revocation
Stare Decisis
Preferred Stock
4. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Executory Contracts
Fiduciary
Merchant
5. 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.
Independent Contractor
Implied Authority
Business Law
Commercial Paper (Negotiable Instrument)
6. The person - company - or financial institution ordered to pay a draft.
Rescission
Drawee
Property
Par-value Stock
7. One who takes initial steps to form corporation.
Qualified Endorsement
Promoter
Summons (Process)
Sherman Antitrust Act
8. A body of persons elected by the stockholders to define and establish corporate policy.
Contract
Promissory Note
Board of Directors
Antitrust
9. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Warranties
Negligence
Uniform Commercial Code
Bearer Paper
10. Stating an untrue fact.
Misrepresentation
Minor
Discovery
Capital Stock
11. 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).
Usurious
Secret Partner
Contractual Capability
Close (closed - closely held) corporation
12. The change of one of the parties to a contract at the mutual agreement of the original parties.
Arrest
Novation
Common Law
Implied Warranties
13. A decision of a court.
Promissory Note
Qualified Endorsement
Judgment
Misrepresentation
14. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Partnership
Fiduciary
Unenforceable Contract
Limited Liability Corporation
15. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Executed Contracts
Undue Influence
Negotiable Instrument (Commercial Paper)
Partnership
16. One that is incorporated in a foreign country.
Silent Partner
Bearer
Alien corporation
Certificate of Deposit
17. One who ships goods by common carrier.
Consignor
Common Stock
Assignment
Malpractice
18. A negotiable instrument containing a promise to pay.
Valid Contract
Promissory Note
Existing Goods
Implied Warranties
19. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Existing Goods
Future Goods
Service Contracts
Revocation
20. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Complaint (petition)
Endorser
Sale
Discharge
21. The goods specified by the buyer and seller.
Identified Goods
Silent Partner
Sherman Antitrust Act
Offeror
22. An agreement which is not in the form required by law.
Negligence
Special Performance
Real Property
Unenforceable Contract
23. 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.
Appellate Court
Fraud
Arraignment
Common Stock
24. A check drawn on a bank's own funds and signed by a responsible bank official.
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25. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Fraud
Promissory Estoppel
Bearer
Punitive Damages
26. The person who executes a promissory note.
Maker
Assignee
Commercial Paper (Negotiable Instrument)
Draft
27. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Fraud
Sherman Antitrust Act
Compensatory Damages
Creditor Beneficiary
28. A party who appoints a second party to serve as an agent.
Principal
Warranties
Par-value Stock
Shareholders (Stockholders)
29. A written request initiating a civil suit.
Complaint (petition)
Rescission
Endorser
Dormant or sleeping partner
30. An endorsement which designates the particular person to whom payment is to be made.
Authority
Stockholders (Shareholders)
Special Endorsement
Duress
31. 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.
Ratification
Dormant or sleeping partner
Merchant
Law (Blackstone's Definition)
32. 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
Misrepresentation
Undue Influence
Alien corporation
Booking
33. The contract existing between the consignor (shipper) and the carrier.
Contract
Domestic corporation
Bill of Lading
Undue Influence
34. Pretrial steps taken to learn the details of the case.
Discharge
Employer
Discovery
Special Endorsement
35. 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.
Process (Summons)
Dormant or sleeping partner
Bearer
Nominal Damages
36. Confirming an act that was executed without authority or an act which was voidable.
Bearer
Ratification
Promissory Estoppel
Simple Contract
37. An award paid to the injured party to cover the exact amount of their loss - but no more.
General Partner
Compensatory Damages
Arrest
Felony
38. An expression of willingness to enter a contractual agreement.
Bailment
Restrictive Endorsement
Offer
Criminal Law
39. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Negotiable Instrument (Commercial Paper)
Price
Contract
40. That which the promisor demands and receives as the price for a promise.
Judgment
Consideration
Appellate Court
Public Corporation
41. Partner active in a business unknown to the public.
Malpractice
Secret Partner
Employee
Drawee
42. Those goods which are not in existence at the time a contract is agreed to.
Intangible Personal Property
Future Goods
Ratification
Punitive Damages
43. An agreement to an offer resulting in a contract.
Authority
Acceptance
Statutes
Valid Contract
44. That consideration stipulated by contract - generally expressed in money or money's worth.
Complaint (petition)
Bearer Paper
Bailor
Price
45. One in possession of commercial paper.
Drawer
Petition (Complaint)
Holder
Statutes
46. Exceeding the maximum rate of interest which may be charged on loans.
Ordinances
Par-value Stock
Usurious
Subchapter S Corporation
47. All property which is not real property.
Certificate of Deposit
Silent Partner
Public Corporation
Personal Property
48. The person against whom legal action is brought. 1
Express Authority
Defendant
Bailee
Judgment
49. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Punitive Damages
Crime
Order Paper
Board of Directors
50. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Partnership
Executed Contracts
Express Contract
Shareholders (Stockholders)