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. Partner active in a business unknown to the public.
Par-value Stock
Public Corporation
Bearer Paper
Secret Partner
2. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Nominal Partner
Agent
Order Paper
3. 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.
Private Corporation
Valid Contract
Process (Summons)
Misrepresentation
4. An agreement to an offer resulting in a contract.
Acceptance
Contract
Draft
Negotiable Instrument (Commercial Paper)
5. Charging a person with a crime and asking for that person's plea.
Malpractice
Arraignment
Property
Consignee
6. The person who executes any draft.
Drawer
Unenforceable Contract
Negotiation
Statute of Frauds
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Injunction
Identified Goods
Express Contract
8. 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
Consignor
Usurious
Holder
9. An endorsement which prevents the use of the instrument for anything except the stated use.
Answer
Trial Courts
Independent Contractor
Restrictive Endorsement
10. Court hearing cases appealed from lower courts.
Breach of Contract
Sole proprietorship
Appellate Court
Antitrust
11. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Crime
Statutes
Necessaries (Necessities)
12. The person against whom legal action is brought. 1
Holder
Check
Public Corporation
Defendant
13. The party making the assignment.
Discovery
Nominal Damages
Preferred Stock
Assignor
14. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Consignee
Promissory Estoppel
Intangible Personal Property
Limited Partner
15. Stating an untrue fact.
Misrepresentation
Nominal Partner
Endorsement
Unilateral Contract
16. A contract remedy by which the court requires the breaching party to perform the contract.
Contract
Special Performance
Drawee
Intangible Personal Property
17. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Capital Stock
Acceptance
Trial Courts
18. 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
Negligence
Corporation
Express Warranty
Bearer Paper
19. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Special Performance
Nominal Partner
Existing Goods
Close (closed - closely held) corporation
20. The transfer of possession but not the title of personal property by one party to another - under agreement.
Shareholders (Stockholders)
Existing Goods
Bailment
Breach of Contract
21. An individual actively and openly engaged in the business and held out to everyone as a partner.
Bearer Paper
Price
Arrest
General Partner
22. The goods specified by the buyer and seller.
Negotiation
Merchant
Contract
Identified Goods
23. 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.
Assignee
Creditor Beneficiary
Negotiable Instrument (Commercial Paper)
Contract to Sell
24. Courts that conduct the original trial and render their decision.
Intangible Personal Property
Trial Courts
Limited Liability Corporation
Felony
25. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Independent Contractor
Domestic corporation
Assignor
26. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Necessaries (Necessities)
Express Warranty
Fraud
Unenforceable Contract
27. An endorsement which limits the liability of the endorser.
Personal Property
Promissory Estoppel
Qualified Endorsement
Nominal Partner
28. An agent's authority to do things not specifically authorized in order to carry out express authority.
Employer
Authority
Property
Implied Authority
29. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Partnership
Breach of Contract
Acceptance
Goods
30. Laws enacted by local municipalities.
Preferred Stock
Order Paper
Negotiable Instrument (Commercial Paper)
Ordinances
31. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Petition (Complaint)
Bailment
Creditor Beneficiary
Certificate of Deposit
32. A contract which will be enforced by the court.
Future Goods
Drawee
Valid Contract
Malpractice
33. An endorsement which designates the particular person to whom payment is to be made.
Shareholders (Stockholders)
Sale
Special Endorsement
Future Goods
34. The necessity that the parties desiring to enter into contracts meet all requirements.
Novation
Restrictive Endorsement
Antitrust
Contractual Capability
35. The party who gives up possession - but not title - of property in a bailment.
Bailor
Sherman Antitrust Act
Goods
Certified Check
36. The repudiation of - or election to avoid - a voidable contract.
Process (Summons)
Accord and Satisfaction
Rescission
Disaffirmance
37. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Employer
Booking
Shareholders (Stockholders)
Express Warranty
38. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Necessaries (Necessities)
Bearer Paper
Executed Contracts
Liquidated Damages
39. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Express Contract
Alien corporation
Agent
Revocation
40. One who takes initial steps to form corporation.
General Partner
Breach of Contract
Promissory Estoppel
Promoter
41. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Nominal Damages
Promoter
Business Law
Arrest
42. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Complaint (petition)
Special Performance
Executed Contracts
Arraignment
43. 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.
Statute of Frauds
Duress
Close (closed - closely held) corporation
Antitrust
44. The contracting of services rather than goods.
Employer
Service Contracts
Process (Summons)
Malpractice
45. The individual who initiates a civil action.
Petition (Complaint)
Process (Summons)
Plaintiff
Public Corporation
46. A document of conveyance that provides written evidence of one's title to tangible personal property.
Acceptance
Complaint (petition)
Bill of Sale
Payee
47. The person to whom an offer is made.
Offeree
Statutes
Employer
Sale
48. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Trial Courts
Misrepresentation
Sherman Antitrust Act
Creditor Beneficiary
49. One authorized by the principal to execute specific acts.
Special Agent
Acceptance
Discharge
Assignment
50. A judicial order or decree forbidding the performance of a certain act.
Bailment
Express Warranty
Appellate Court
Injunction