SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 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.
Commercial Paper (Negotiable Instrument)
Undue Influence
Revocation
Necessaries (Necessities)
2. Stock reacquired by a corporation.
Endorsement
Revocation
Accord and Satisfaction
Treasury Stock
3. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
4. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Summons (Process)
Novation
Necessaries (Necessities)
Executed Contracts
5. The necessity that the parties desiring to enter into contracts meet all requirements.
Partnership
Assignment
Contractual Capability
Valid Contract
6. An individual actively and openly engaged in the business and held out to everyone as a partner.
Liquidated Damages
Injunction
Warranties
General Partner
7. Having no words other than the signature of the endorser.
Executed Contracts
Check
Implied Contract
Blank Endorsement
8. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Promissory Estoppel
Contract
Negotiable Instrument (Commercial Paper)
Voidable Contract
9. A corporation formed to carry out government functions.
Law (Blackstone's Definition)
Subchapter S Corporation
Endorser
Public Corporation
10. 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
Discharge
Partnership
Property
11. The party who acquires possession but not the title of personal property in a bailment.
Corporation
Necessaries (Necessities)
Bailee
Nominal Partner
12. Stating an untrue fact.
Creditor Beneficiary
Misrepresentation
Bill of Lading
Summons (Process)
13. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Cashier's Check
Sherman Antitrust Act
Undue Influence
Offer
14. Power to act for someone else.
Voidable Contract
Restrictive Endorsement
Check
Authority
15. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Criminal Law
Board of Directors
General Agent
Preferred Stock
16. One authorized by the principal to execute specific acts.
Real Property
Sherman Antitrust Act
Special Agent
Board of Directors
17. The transfer of possession but not the title of personal property by one party to another - under agreement.
Undue Influence
Stockholders (Shareholders)
Bailment
Implied Warranties
18. A party who appoints a second party to serve as an agent.
Contract
Drawee
Principal
Consignor
19. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Corporation
Existing Goods
Liquidated Damages
Warranties
20. One that is incorporated in a foreign country.
Bailment
Alien corporation
Process (Summons)
Negotiable Instrument (Commercial Paper)
21. Any contract other than a formal contract - whether written - oral or implied.
Ordinances
Counteroffer
Par-value Stock
Simple Contract
22. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Nominal Partner
Merchant
Order Paper
Close (closed - closely held) corporation
23. An expression of willingness to enter a contractual agreement.
Limited Liability Corporation
Offer
Contractual Capability
Disaffirmance
24. That which the promisor demands and receives as the price for a promise.
Authority
Silent Partner
Consideration
Rescission
25. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Common Stock
Limited Partner
Order Paper
Express Contract
26. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Shareholders (Stockholders)
Check
Booking
Tort
27. Laws which seek to promote competition among businesses.
Property
Common Law
Contract
Antitrust
28. A written request initiating a civil suit.
Price
Petition (Complaint)
Implied Authority
Certified Check
29. One who takes initial steps to form corporation.
Preferred Stock
Warranties
Compensatory Damages
Promoter
30. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Arraignment
Trial Courts
Public Corporation
31. Those goods which are not in existence at the time a contract is agreed to.
Executory Contracts
Subchapter S Corporation
Future Goods
Merchant
32. 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.
Duress
Antitrust
Employer
Domestic corporation
33. An offense which is injurious to society as a whole.
Intangible Personal Property
Stockholders (Shareholders)
Crime
Bill of Sale
34. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Endorsement
Order Paper
Novation
35. Canceling - annulling - avoiding.
Executory Contracts
Fiduciary
Rescission
Personal Property
36. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Antitrust
Limited Partner
Endorsement
Donee Beneficiary
37. The contracting of services rather than goods.
Par-value Stock
Limited Partner
Service Contracts
Arraignment
38. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Express Authority
Disaffirmance
Common Stock
Accord and Satisfaction
39. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Consignor
Private Corporation
Assignor
40. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Domestic corporation
Novation
Minor
Endorsement
41. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Common Law
Liquidated Damages
Limited Partner
Duress
42. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Silent Partner
Public Corporation
Tort
43. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Uniform Commercial Code
Identified Goods
Executed Contracts
Alien corporation
44. A document of conveyance that provides written evidence of one's title to tangible personal property.
Promissory Note
Bill of Sale
Drawee
Contract
45. To take into police custody.
Arrest
Public Corporation
Void Contract
Implied Authority
46. Person not party to a contract - but whom parties intended to benefit.
Unilateral Contract
Discovery
Third Party Beneficiary
Identified Goods
47. 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.
Crime
Future Goods
Employee
Payee
48. A judicial order or decree forbidding the performance of a certain act.
Contractual Capability
Injunction
Counteroffer
Independent Contractor
49. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Partnership
Express Warranty
Discharge
Price
50. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Arraignment
Bearer
Consignor