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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. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Ordinances
Felony
Limited Partner
Ratification
2. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Complaint (petition)
Qualified Endorsement
Bailment
Counteroffer
3. Person not party to a contract - but whom parties intended to benefit.
Statute of Limitations
Subchapter S Corporation
Third Party Beneficiary
Sale
4. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Implied Authority
Draft
Subchapter S Corporation
Tort
5. Stock reacquired by a corporation.
Agent
Usurious
Uniform Commercial Code
Treasury Stock
6. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Holder
Answer
Draft
7. The person - company - or financial institution ordered to pay a draft.
Property
Board of Directors
Blank Endorsement
Drawee
8. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
General Partner
Limited Partner
General Agent
Antitrust
9. Any contract other than a formal contract - whether written - oral or implied.
Stockholders (Shareholders)
Simple Contract
General Partner
Plaintiff
10. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Felony
Bill of Sale
Revocation
11. To take into police custody.
Uniform Commercial Code
Identified Goods
Employer
Arrest
12. A means whereby one party conveys rights to another person who is not a party to the original contract.
Express Contract
Assignment
Misdemeanor
Arraignment
13. The transfer of possession but not the title of personal property by one party to another - under agreement.
Independent Contractor
Silent Partner
Bailment
Express Contract
14. An individual actively and openly engaged in the business and held out to everyone as a partner.
Rescission
Personal Property
Express Warranty
General Partner
15. The person to whom an offer is made.
Price
Summons (Process)
Offeree
Revocation
16. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Bill of Sale
Acceptance
Promissory Estoppel
17. The party who gives up possession - but not title - of property in a bailment.
Booking
Appellate Court
Drawer
Bailor
18. Anything that may be owned.
Property
Secret Partner
Cashier's Check
Payee
19. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Common Stock
Petition (Complaint)
Voidable Contract
Business Law
20. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Fraud
Ratification
Endorser
21. The person who executes a promissory note.
Implied Authority
Stare Decisis
Formal Contract
Maker
22. 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.
Future Goods
Unilateral Contract
Employer
Disaffirmance
23. An agreement between two or more competent persons which is enforceable by law.
Contract
Liquidated Damages
Unilateral Contract
Crime
24. 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.
Employee
Complaint (petition)
Bailee
Certificate of Deposit
25. The person who executes any draft.
Consignee
Real Property
Drawer
Discovery
26. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Payee
Donee Beneficiary
Fraud
Assignor
27. One who ships goods by common carrier.
Sherman Antitrust Act
Secret Partner
Consignor
Blank Endorsement
28. An endorsement which limits the liability of the endorser.
Accord and Satisfaction
Existing Goods
Qualified Endorsement
Antitrust
29. 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.
Usurious
Consideration
Process (Summons)
Draft
30. Canceling - annulling - avoiding.
Authority
Service Contracts
Rescission
Treasury Stock
31. The party to whom any negotiable instrument is made payable.
Implied Warranties
Duress
Payee
Agent
32. That which the promisor demands and receives as the price for a promise.
Limited Liability Corporation
Consideration
Compensatory Damages
Assignor
33. One that is incorporated in a foreign country.
Implied Contract
Limited Liability Corporation
Alien corporation
Uniform Commercial Code
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
Endorsement
Booking
Arraignment
Trial Courts
35. Stating an untrue fact.
Revocation
Contractual Capability
Beneficiary
Misrepresentation
36. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Disaffirmance
Property
Sole proprietorship
Shareholders (Stockholders)
37. Stock with an assigned face vale.
Plaintiff
Par-value Stock
Sale
Price
38. Those contracts that must be in special form or produced in a certain way - such as under seal.
Counteroffer
Implied Contract
Formal Contract
Defendant
39. A document of conveyance that provides written evidence of one's title to tangible personal property.
Ordinances
Ratification
Voidable Contract
Bill of Sale
40. A criminal offense that is punishable by confinement in prison or by death.
Felony
Counteroffer
Shareholders (Stockholders)
Undue Influence
41. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Foreign Corporation
Contract to Sell
Shareholders (Stockholders)
Void Contract
42. Movable tangible personal property.
Offeree
Goods
Assignee
Special Endorsement
43. A check for which the bank assures that the drawer has sufficient funds to make payment.
Service Contracts
Special Performance
Simple Contract
Certified Check
44. 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.
Endorser
Drawer
Necessaries (Necessities)
Merchant
45. 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.
Bailment
Third Party Beneficiary
Fraud
Summons (Process)
46. A person in possession of an instrument.
Secret Partner
Beneficiary
Negligence
Bearer
47. The signature or statement of purpose by the owner on the back of the instrument.
Holder
Bill of Sale
Limited Partner
Endorsement
48. All property which is not real property.
Bailment
Personal Property
Antitrust
Rescission
49. One authorized by the principal to execute specific acts.
Bailee
Liquidated Damages
Special Agent
Crime
50. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Private Corporation
Antitrust
Accord and Satisfaction
Unilateral Contract