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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. One to whom goods are shipped by common carrier.
Breach of Contract
Offeree
Consignee
Commercial Paper (Negotiable Instrument)
2. A check drawn on a bank's own funds and signed by a responsible bank official.
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3. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Capital Stock
Complaint (petition)
Special Endorsement
Stockholders (Shareholders)
4. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Defendant
Compensatory Damages
Criminal Law
5. Anything that may be owned.
Booking
Offeror
Property
Blank Endorsement
6. 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.
Implied Warranties
Stare Decisis
Commercial Paper (Negotiable Instrument)
Negligence
7. The transfer of possession but not the title of personal property by one party to another - under agreement.
Injunction
Sole proprietorship
Treasury Stock
Bailment
8. The party to whom the assignment is made.
Assignee
Drawee
Implied Authority
Fiduciary
9. An agreement between two or more competent persons which is enforceable by law.
Drawee
Order Paper
Contract
General Agent
10. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Unenforceable Contract
Fraud
Discharge
11. A warranty imposed by law - arising automatically because the sale has been made.
Commercial Paper (Negotiable Instrument)
Implied Warranties
Express Authority
Uniform Commercial Code
12. One authorized by the principal to execute specific acts.
Nominal Partner
Offeror
Special Agent
Limited Liability Corporation
13. A criminal offense which is neither treason nor a felony.
Common Law
Rescission
Misdemeanor
Bearer
14. One that is incorporated in a foreign country.
Alien corporation
Acceptance
Common Law
Negligence
15. The person who executes any draft.
Drawer
Sale
Silent Partner
Felony
16. An expression of willingness to enter a contractual agreement.
Offer
Nominal Damages
Answer
Order Paper
17. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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18. 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.
Valid Contract
Trial Courts
General Agent
Nominal Damages
19. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Valid Contract
Misdemeanor
Restrictive Endorsement
20. Pretrial steps taken to learn the details of the case.
Special Endorsement
Discovery
Fraud
Judgment
21. A judicial order or decree forbidding the performance of a certain act.
Discharge
Assignment
Injunction
Holder
22. An agreement which is not in the form required by law.
Personal Property
Drawer
Special Performance
Unenforceable Contract
23. Courts that conduct the original trial and render their decision.
Express Contract
Trial Courts
Consideration
Silent Partner
24. 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.
General Partner
Acceptance
Draft
Secret Partner
25. Declared value of outstanding stock.
Process (Summons)
Arraignment
Formal Contract
Capital Stock
26. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Answer
Preferred Stock
Foreign Corporation
Trial Courts
27. A commercial paper payable to bearer; i.e. to the person having possession of such.
Express Warranty
Ordinances
Bearer Paper
Endorser
28. Power to act for someone else.
Authority
Certificate of Deposit
Public Corporation
Accord and Satisfaction
29. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Bill of Sale
Bailor
Principal
30. The signature or statement of purpose by the owner on the back of the instrument.
Injunction
Liquidated Damages
Property
Endorsement
31. 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.
Blank Endorsement
Check
Criminal Law
Drawee
32. One who ships goods by common carrier.
Assignee
Consignor
Bearer Paper
Appellate Court
33. The change of one of the parties to a contract at the mutual agreement of the original parties.
Special Performance
Sherman Antitrust Act
Discovery
Novation
34. Exceeding the maximum rate of interest which may be charged on loans.
Common Law
Negotiation
Arraignment
Usurious
35. Having no words other than the signature of the endorser.
Ratification
Authority
Private Corporation
Blank Endorsement
36. 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.
Check
Fraud
Stockholders (Shareholders)
Answer
37. A corporation formed to carry out government functions.
Discovery
Sale
Public Corporation
Simple Contract
38. Confirming an act that was executed without authority or an act which was voidable.
Payee
Preferred Stock
Ratification
Offer
39. Person who writes his or her name on back of instrument.
Endorser
Special Performance
Bill of Lading
Creditor Beneficiary
40. The act of transferring ownership of a negotiable instrument to another party.
Sole proprietorship
Malpractice
Negotiation
Unilateral Contract
41. An agreement of no legal effect.
Void Contract
Plaintiff
Discharge
Identified Goods
42. 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)
Punitive Damages
Fiduciary
Price
43. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Felony
Corporation
Business Law
Authority
44. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Holder
Consideration
Intangible Personal Property
Answer
45. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Rescission
Agent
Corporation
Existing Goods
46. A negotiable instrument containing a promise to pay.
Certificate of Deposit
Promissory Note
Creditor Beneficiary
Petition (Complaint)
47. 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.
Endorsement
Commercial Paper (Negotiable Instrument)
Agent
Ratification
48. Movable tangible personal property.
Bill of Sale
Goods
Felony
Statute of Frauds
49. The person - company - or financial institution ordered to pay a draft.
Drawee
Real Property
Board of Directors
Statutes
50. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Implied Warranties
Assignment
Existing Goods