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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.
Undue Influence
Price
Process (Summons)
Discovery
2. Partner active in a business unknown to the public.
Secret Partner
Capital Stock
Domestic corporation
Ordinances
3. One to whom goods are shipped by common carrier.
Contract
Consignee
Process (Summons)
Duress
4. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Goods
Unilateral Contract
Warranties
Blank Endorsement
5. A corporation formed to carry out government functions.
Statute of Frauds
Public Corporation
Special Agent
Booking
6. An agreement to an offer resulting in a contract.
Malpractice
Acceptance
Contract to Sell
Minor
7. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Promissory Estoppel
Corporation
Stockholders (Shareholders)
8. One who takes initial steps to form corporation.
Independent Contractor
Statute of Frauds
Necessaries (Necessities)
Promoter
9. The repudiation of - or election to avoid - a voidable contract.
Duress
Common Stock
Shareholders (Stockholders)
Disaffirmance
10. Operates in the state that granted the charter.
Domestic corporation
Subchapter S Corporation
Contract to Sell
Uniform Commercial Code
11. The goods specified by the buyer and seller.
General Partner
Maker
Identified Goods
Treasury Stock
12. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Common Law
Breach of Contract
Assignee
Unilateral Contract
13. A corporation formed by individuals to form some non-governmental function.
Appellate Court
Warranties
Private Corporation
Nominal Partner
14. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Foreign Corporation
Qualified Endorsement
Malpractice
Minor
15. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Fiduciary
Consignee
Answer
16. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Answer
Merchant
Formal Contract
17. A means whereby one party conveys rights to another person who is not a party to the original contract.
Alien corporation
Assignment
Common Law
Employee
18. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Service Contracts
Beneficiary
Duress
Punitive Damages
19. Charging a person with a crime and asking for that person's plea.
Alien corporation
Negotiation
Executory Contracts
Arraignment
20. The individual who initiates a civil action.
Special Endorsement
Plaintiff
Fiduciary
Promoter
21. Power to act for someone else.
Special Endorsement
Authority
Real Property
Bailor
22. 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.
Process (Summons)
Check
Statute of Frauds
Consideration
23. Those goods which are not in existence at the time a contract is agreed to.
Stockholders (Shareholders)
Future Goods
Domestic corporation
Disaffirmance
24. Declared value of outstanding stock.
Future Goods
Law (Blackstone's Definition)
Capital Stock
Express Warranty
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.
Draft
Statute of Frauds
Capital Stock
Property
26. 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.
Cashier's Check
Process (Summons)
Promoter
Principal
27. The change of one of the parties to a contract at the mutual agreement of the original parties.
Corporation
Authority
Compensatory Damages
Novation
28. An endorsement which limits the liability of the endorser.
Judgment
Malpractice
Qualified Endorsement
Beneficiary
29. Stock reacquired by a corporation.
Alien corporation
Treasury Stock
Certificate of Deposit
Promissory Note
30. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Revocation
Holder
Shareholders (Stockholders)
31. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Compensatory Damages
Necessaries (Necessities)
Appellate Court
Preferred Stock
32. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
General Partner
Consignor
Warranties
33. Laws which are enacted by legislative bodies.
Executed Contracts
Consignor
Statutes
Valid Contract
34. One authorized by the principal to execute specific acts.
Maker
Special Agent
Independent Contractor
Real Property
35. That which the promisor demands and receives as the price for a promise.
Treasury Stock
Sole proprietorship
Certificate of Deposit
Consideration
36. An expression of willingness to enter a contractual agreement.
Offer
Private Corporation
Drawee
Petition (Complaint)
37. Canceling - annulling - avoiding.
Undue Influence
Promoter
Rescission
Negotiable Instrument (Commercial Paper)
38. The party to whom the assignment is made.
Petition (Complaint)
Statute of Limitations
Intangible Personal Property
Assignee
39. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Secret Partner
Bailor
Stockholders (Shareholders)
Implied Authority
40. Anything that may be owned.
Corporation
Bill of Sale
Property
Restrictive Endorsement
41. A written request initiating a civil suit.
Implied Warranties
Partnership
Tort
Petition (Complaint)
42. Land and those objects permanently attached to land. Rejection refusal to accept.
Answer
Price
Felony
Real Property
43. Those contracts that must be in special form or produced in a certain way - such as under seal.
Law (Blackstone's Definition)
Alien corporation
Formal Contract
Simple Contract
44. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Identified Goods
Promoter
Usurious
45. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Malpractice
Domestic corporation
Public Corporation
46. The person - company - or financial institution ordered to pay a draft.
Drawee
Stockholders (Shareholders)
Payee
Bearer Paper
47. Stock with an assigned face vale.
Authority
Par-value Stock
Sale
Check
48. 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.
Personal Property
General Agent
Bailor
Simple Contract
49. An endorsement which designates the particular person to whom payment is to be made.
Misdemeanor
Defendant
Agent
Special Endorsement
50. An endorsement which prevents the use of the instrument for anything except the stated use.
Duress
Restrictive Endorsement
Consignor
Offeree