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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. Stock that entitles owner vote.
Contractual Capability
Common Stock
Capital Stock
Corporation
2. An offense which is injurious to society as a whole.
Principal
Novation
Booking
Crime
3. A judicial order or decree forbidding the performance of a certain act.
Injunction
Arrest
Offeree
Negotiation
4. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Judgment
Revocation
Acceptance
Secret Partner
5. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Simple Contract
Contractual Capability
Bailee
Fiduciary
6. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Assignment
Offeror
Compensatory Damages
7. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Compensatory Damages
General Agent
Breach of Contract
8. Laws which seek to promote competition among businesses.
Antitrust
Special Agent
Restrictive Endorsement
Existing Goods
9. An individual actively and openly engaged in the business and held out to everyone as a partner.
Intangible Personal Property
General Partner
Express Warranty
Personal Property
10. An award paid to the injured party to cover the exact amount of their loss - but no more.
Express Authority
Compensatory Damages
Offer
Express Contract
11. 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.
Domestic corporation
Rescission
Employer
Qualified Endorsement
12. Power to act for someone else.
Stare Decisis
Authority
Corporation
Contractual Capability
13. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Statute of Frauds
Promoter
Accord and Satisfaction
Cashier's Check
14. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Compensatory Damages
Commercial Paper (Negotiable Instrument)
General Partner
15. An agent's authority to do things not specifically authorized in order to carry out express authority.
Void Contract
Implied Authority
Trial Courts
Subchapter S Corporation
16. That consideration stipulated by contract - generally expressed in money or money's worth.
Consideration
Price
Order Paper
Restrictive Endorsement
17. A written request initiating a civil suit.
Petition (Complaint)
Maker
Blank Endorsement
Capital Stock
18. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Acceptance
Void Contract
Intangible Personal Property
19. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Implied Contract
Negotiation
Stockholders (Shareholders)
Promoter
20. The individual who initiates a civil action.
Bearer
Stockholders (Shareholders)
Unenforceable Contract
Plaintiff
21. Canceling - annulling - avoiding.
Rescission
Undue Influence
Promissory Estoppel
Bill of Sale
22. All property which is not real property.
Fiduciary
Valid Contract
Promissory Note
Personal Property
23. Confirming an act that was executed without authority or an act which was voidable.
Malpractice
Par-value Stock
Ratification
Novation
24. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Maker
Sole proprietorship
Limited Partner
Board of Directors
25. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Statute of Frauds
Beneficiary
Common Law
Petition (Complaint)
26. A person in possession of an instrument.
Service Contracts
Rescission
Bearer
Preferred Stock
27. One who ships goods by common carrier.
Criminal Law
Promoter
Intangible Personal Property
Consignor
28. The person who executes a promissory note.
Maker
Holder
Discovery
Misrepresentation
29. 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.
Par-value Stock
Disaffirmance
Merchant
Voidable Contract
30. The repudiation of - or election to avoid - a voidable contract.
Consideration
Blank Endorsement
Disaffirmance
Capital Stock
31. An agreement of no legal effect.
Void Contract
Restrictive Endorsement
Employee
Breach of Contract
32. 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.
Simple Contract
Foreign Corporation
Endorsement
Draft
33. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Sole proprietorship
Accord and Satisfaction
Counteroffer
34. 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.
Bill of Sale
Executory Contracts
Duress
Summons (Process)
35. An agreement between two or more competent persons which is enforceable by law.
Misrepresentation
Fraud
Contract
Third Party Beneficiary
36. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Creditor Beneficiary
Usurious
Disaffirmance
Bill of Lading
37. A decision of a court.
Judgment
Compensatory Damages
General Partner
Fraud
38. Person not party to a contract - but whom parties intended to benefit.
Third Party Beneficiary
Donee Beneficiary
Void Contract
Disaffirmance
39. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Special Agent
Business Law
Third Party Beneficiary
Donee Beneficiary
40. The person - company - or financial institution ordered to pay a draft.
Bill of Lading
Accord and Satisfaction
Misdemeanor
Drawee
41. Operates in the state that granted the charter.
Special Performance
Future Goods
Domestic corporation
Discovery
42. Person who writes his or her name on back of instrument.
Endorser
Counteroffer
Foreign Corporation
Crime
43. 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.
Consignor
General Agent
Shareholders (Stockholders)
Bill of Sale
44. An individual who takes no active part in the management of a business but has capital invested in the business.
Malpractice
Silent Partner
Offeree
Common Law
45. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Novation
Disaffirmance
Assignor
46. 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.
Implied Warranties
Offer
Partnership
Fraud
47. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Bearer Paper
Draft
Silent Partner
48. The signature or statement of purpose by the owner on the back of the instrument.
Intangible Personal Property
Corporation
Endorsement
Partnership
49. A negotiable instrument containing a promise to pay.
Promissory Note
Necessaries (Necessities)
Fraud
Existing Goods
50. Official document detailing a defendant's defense.
Holder
Undue Influence
Answer
Business Law