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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 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.
Subchapter S Corporation
Nominal Damages
Draft
Bailment
2. Courts that conduct the original trial and render their decision.
Par-value Stock
Trial Courts
Minor
Price
3. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Counteroffer
Negotiation
Shareholders (Stockholders)
Capital Stock
4. Partner unknown to public with no part in management.
Voidable Contract
Sale
Dormant or sleeping partner
Discharge
5. Anything that may be owned.
Property
Endorsement
Partnership
Common Stock
6. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
General Agent
Accord and Satisfaction
Petition (Complaint)
7. That consideration stipulated by contract - generally expressed in money or money's worth.
Malpractice
Liquidated Damages
Existing Goods
Price
8. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Capital Stock
Certificate of Deposit
Limited Liability Corporation
Bailee
9. A warranty imposed by law - arising automatically because the sale has been made.
Bailment
Stockholders (Shareholders)
Contractual Capability
Implied Warranties
10. A document of conveyance that provides written evidence of one's title to tangible personal property.
Stare Decisis
Authority
Future Goods
Bill of Sale
11. A criminal offense that is punishable by confinement in prison or by death.
Sale
Felony
Beneficiary
Payee
12. The goods specified by the buyer and seller.
Bailee
Identified Goods
Preferred Stock
Order Paper
13. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Special Agent
Sale
Undue Influence
Payee
14. The party who gives up possession - but not title - of property in a bailment.
Future Goods
Bailor
Injunction
Private Corporation
15. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Preferred Stock
Promissory Estoppel
Negligence
Void Contract
16. A party who appoints a second party to serve as an agent.
Donee Beneficiary
Silent Partner
Sherman Antitrust Act
Principal
17. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Ordinances
Executed Contracts
Special Performance
18. Laws which seek to promote competition among businesses.
Independent Contractor
Antitrust
Misdemeanor
Statute of Frauds
19. An individual actively and openly engaged in the business and held out to everyone as a partner.
Arraignment
General Partner
Contractual Capability
Silent Partner
20. The party to whom any negotiable instrument is made payable.
Fraud
Void Contract
Agent
Payee
21. One authorized by the principal to execute specific acts.
Consignor
Special Agent
Donee Beneficiary
Consideration
22. 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
Principal
Authority
Implied Authority
23. The party who initiates - or makes - an offer.
Negotiable Instrument (Commercial Paper)
Revocation
Offeror
Bailment
24. Stock that entitles owner vote.
Common Stock
Antitrust
Offer
Bearer Paper
25. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Corporation
Sherman Antitrust Act
Offeror
Check
26. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Commercial Paper (Negotiable Instrument)
Subchapter S Corporation
Liquidated Damages
Appellate Court
27. Canceling - annulling - avoiding.
Rescission
Service Contracts
Nominal Partner
Authority
28. 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
Consignee
Negligence
Voidable Contract
Felony
29. Pretrial steps taken to learn the details of the case.
Misdemeanor
Express Warranty
Duress
Discovery
30. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Negligence
General Partner
Promoter
31. The party to whom the assignment is made.
Formal Contract
Treasury Stock
Payee
Assignee
32. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Consignor
Negotiable Instrument (Commercial Paper)
Board of Directors
Sole proprietorship
33. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Silent Partner
Contract to Sell
Bailor
Intangible Personal Property
34. Person not party to a contract - but whom parties intended to benefit.
Law (Blackstone's Definition)
Arrest
Third Party Beneficiary
General Agent
35. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Stockholders (Shareholders)
Breach of Contract
Injunction
Uniform Commercial Code
36. An endorsement which limits the liability of the endorser.
Drawee
Qualified Endorsement
Unilateral Contract
Authority
37. An offense which is injurious to society as a whole.
Arrest
Cashier's Check
Par-value Stock
Crime
38. Partner active in a business unknown to the public.
Defendant
Bill of Sale
Shareholders (Stockholders)
Secret Partner
39. An agreement of no legal effect.
Capital Stock
Novation
Service Contracts
Void Contract
40. One in possession of commercial paper.
Implied Contract
Special Performance
Drawer
Holder
41. Those goods which are not in existence at the time a contract is agreed to.
Usurious
Future Goods
Uniform Commercial Code
Arraignment
42. A decision of a court.
Arraignment
Judgment
Preferred Stock
Crime
43. Laws dealing with crimes and the punishment of wrongdoers.
Arraignment
Criminal Law
Ordinances
Judgment
44. Person who writes his or her name on back of instrument.
Offer
Statute of Limitations
Contract
Endorser
45. 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.
Uniform Commercial Code
Crime
Misdemeanor
Check
46. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Ordinances
Principal
Treasury Stock
47. Those contracts that must be in special form or produced in a certain way - such as under seal.
Crime
Formal Contract
Public Corporation
Sherman Antitrust Act
48. The party making the assignment.
Board of Directors
Duress
Assignor
Preferred Stock
49. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Antitrust
Fiduciary
Limited Liability Corporation
Donee Beneficiary
50. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Stare Decisis
Bailment
Contract to Sell
Duress