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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 document of conveyance that provides written evidence of one's title to tangible personal property.
Draft
Bill of Sale
Qualified Endorsement
Bearer Paper
2. An agreement which is not in the form required by law.
Bailor
Unenforceable Contract
Capital Stock
Merchant
3. An agent's authority to do things not specifically authorized in order to carry out express authority.
Employer
Statute of Limitations
Implied Authority
Special Performance
4. The contracting of services rather than goods.
Service Contracts
Discharge
Limited Liability Corporation
Express Contract
5. An agreement to an offer resulting in a contract.
Authority
Acceptance
Nominal Partner
Void Contract
6. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Alien corporation
Contract to Sell
Injunction
Common Stock
7. 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).
Price
Close (closed - closely held) corporation
Bailment
Fraud
8. An endorsement which prevents the use of the instrument for anything except the stated use.
Bearer
Goods
Restrictive Endorsement
Order Paper
9. One that is incorporated in a foreign country.
Alien corporation
Negotiation
Judgment
Misdemeanor
10. A party who appoints a second party to serve as an agent.
Principal
Drawer
Undue Influence
Preferred Stock
11. That consideration stipulated by contract - generally expressed in money or money's worth.
Board of Directors
Compensatory Damages
Price
Punitive Damages
12. The necessity that the parties desiring to enter into contracts meet all requirements.
Alien corporation
Stockholders (Shareholders)
Contractual Capability
Limited Liability Corporation
13. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Restrictive Endorsement
Valid Contract
Draft
14. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Contract
Antitrust
Booking
Close (closed - closely held) corporation
15. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Accord and Satisfaction
Cashier's Check
Shareholders (Stockholders)
Agent
16. Partner unknown to public with no part in management.
Order Paper
Negotiation
Implied Warranties
Dormant or sleeping partner
17. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Dormant or sleeping partner
Sale
Uniform Commercial Code
18. 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.
Identified Goods
Draft
Felony
Subchapter S Corporation
19. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Subchapter S Corporation
Agent
Secret Partner
Counteroffer
20. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Endorsement
Consideration
Stockholders (Shareholders)
Bearer
21. A corporation formed by individuals to form some non-governmental function.
Shareholders (Stockholders)
Preferred Stock
Malpractice
Private Corporation
22. 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.
Uniform Commercial Code
Beneficiary
Employer
Statutes
23. Stock with an assigned face vale.
Par-value Stock
Statute of Limitations
Limited Liability Corporation
Acceptance
24. The party who gives up possession - but not title - of property in a bailment.
Special Endorsement
Stockholders (Shareholders)
Price
Bailor
25. One in possession of commercial paper.
Holder
Counteroffer
Valid Contract
Common Stock
26. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Third Party Beneficiary
Unilateral Contract
Common Stock
Consignor
27. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Implied Warranties
Close (closed - closely held) corporation
Necessaries (Necessities)
28. An offense which is injurious to society as a whole.
Silent Partner
Public Corporation
Defendant
Crime
29. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Arraignment
Offer
Treasury Stock
30. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Sole proprietorship
Trial Courts
Warranties
Certified Check
31. Confirming an act that was executed without authority or an act which was voidable.
Real Property
Appellate Court
Contract to Sell
Ratification
32. Person who writes his or her name on back of instrument.
Limited Partner
Real Property
Discovery
Endorser
33. To take into police custody.
Arrest
Bearer
Arraignment
Express Contract
34. Customs that have become recognized by the courts as binding on the community.
Contract
Implied Warranties
Common Law
Implied Contract
35. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Felony
Business Law
Principal
36. A check drawn on a bank's own funds and signed by a responsible bank official.
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37. Canceling - annulling - avoiding.
Rescission
Intangible Personal Property
Malpractice
Fiduciary
38. Person who pretends to be a partner or permits others to represent him or her as a partner.
Unenforceable Contract
Discharge
Sole proprietorship
Nominal Partner
39. A contract which will be enforced by the court.
Valid Contract
Blank Endorsement
Discharge
Alien corporation
40. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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41. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Express Warranty
Special Endorsement
Foreign Corporation
Tort
42. The person - company - or financial institution ordered to pay a draft.
Tort
Drawee
Independent Contractor
Corporation
43. Person not party to a contract - but whom parties intended to benefit.
Bearer
Check
Third Party Beneficiary
Goods
44. The individual who initiates a civil action.
Real Property
Promissory Estoppel
Plaintiff
Misrepresentation
45. One authorized by the principal to execute specific acts.
Drawee
Offeree
Negotiation
Special Agent
46. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Novation
Identified Goods
Uniform Commercial Code
Misrepresentation
47. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Ratification
Assignee
Minor
Negotiation
48. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Answer
Rescission
Public Corporation
49. A criminal offense which is neither treason nor a felony.
Complaint (petition)
Misdemeanor
Express Warranty
Offer
50. A judicial order or decree forbidding the performance of a certain act.
Injunction
Minor
Offer
Consideration