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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 criminal offense which is neither treason nor a felony.
Uniform Commercial Code
Misdemeanor
Limited Liability Corporation
Petition (Complaint)
2. One to whom goods are shipped by common carrier.
Bailor
Consignee
Intangible Personal Property
Necessaries (Necessities)
3. Power to act for someone else.
Authority
Special Endorsement
Disaffirmance
Offeror
4. 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.
Uniform Commercial Code
Merchant
Defendant
Blank Endorsement
5. A warranty imposed by law - arising automatically because the sale has been made.
Corporation
Statute of Limitations
Implied Warranties
Valid Contract
6. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Malpractice
General Agent
Novation
7. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Price
Statute of Frauds
Limited Partner
Identified Goods
8. Laws which seek to promote competition among businesses.
Endorsement
Judgment
Antitrust
Common Law
9. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Void Contract
Valid Contract
Check
10. 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
Misdemeanor
Negligence
Executed Contracts
Ratification
11. A contract remedy by which the court requires the breaching party to perform the contract.
Creditor Beneficiary
Liquidated Damages
Special Performance
Common Stock
12. Canceling - annulling - avoiding.
Booking
Fraud
Rescission
Principal
13. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Tort
Implied Authority
Endorsement
Express Contract
14. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Subchapter S Corporation
Void Contract
Misrepresentation
Intangible Personal Property
15. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Commercial Paper (Negotiable Instrument)
Business Law
Bailor
Agent
16. An agreement to an offer resulting in a contract.
Acceptance
Booking
Unilateral Contract
Misdemeanor
17. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Minor
Shareholders (Stockholders)
Nominal Damages
Complaint (petition)
18. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Capital Stock
Disaffirmance
Revocation
Plaintiff
19. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Third Party Beneficiary
Offeree
Unenforceable Contract
Subchapter S Corporation
20. An agreement between two or more competent persons which is enforceable by law.
Minor
Trial Courts
Contract
Private Corporation
21. To take into police custody.
Contract
Formal Contract
Employer
Arrest
22. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Voidable Contract
Fiduciary
Injunction
Existing Goods
23. The goods specified by the buyer and seller.
Executed Contracts
Voidable Contract
Negotiation
Identified Goods
24. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Implied Warranties
Implied Authority
Bailor
Warranties
25. 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)
Blank Endorsement
Nominal Partner
Creditor Beneficiary
26. The person who executes a promissory note.
Misdemeanor
Duress
Secret Partner
Maker
27. 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.
Misdemeanor
Simple Contract
General Agent
Beneficiary
28. Any contract other than a formal contract - whether written - oral or implied.
Silent Partner
Express Warranty
Simple Contract
Endorsement
29. Charging a person with a crime and asking for that person's plea.
Plaintiff
Arraignment
Merchant
Fiduciary
30. 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.
Nominal Damages
Offer
Employer
Authority
31. An offense which is injurious to society as a whole.
Special Performance
Crime
Implied Warranties
Statutes
32. That which the promisor demands and receives as the price for a promise.
Consideration
Employer
Personal Property
Bailee
33. The party to whom any negotiable instrument is made payable.
Necessaries (Necessities)
Statutes
Answer
Payee
34. An agreement of no legal effect.
Negotiable Instrument (Commercial Paper)
Simple Contract
Alien corporation
Void Contract
35. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Discovery
Answer
Minor
Fiduciary
36. The party to whom the assignment is made.
Assignee
Personal Property
Subchapter S Corporation
Formal Contract
37. The person to whom an offer is made.
Offeree
Negligence
Bailor
General Partner
38. Stock reacquired by a corporation.
Promissory Estoppel
Restrictive Endorsement
Treasury Stock
Common Stock
39. The contract existing between the consignor (shipper) and the carrier.
Unilateral Contract
Acceptance
Private Corporation
Bill of Lading
40. An individual actively and openly engaged in the business and held out to everyone as a partner.
Accord and Satisfaction
Shareholders (Stockholders)
Special Performance
General Partner
41. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Drawee
Capital Stock
Bailment
42. Person who pretends to be a partner or permits others to represent him or her as a partner.
Process (Summons)
Nominal Partner
Qualified Endorsement
Criminal Law
43. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Subchapter S Corporation
Arrest
Punitive Damages
Promissory Note
44. The signature or statement of purpose by the owner on the back of the instrument.
Summons (Process)
Independent Contractor
Endorsement
Limited Liability Corporation
45. Court hearing cases appealed from lower courts.
Appellate Court
Crime
Certificate of Deposit
Contract to Sell
46. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Foreign Corporation
Executed Contracts
Uniform Commercial Code
Beneficiary
47. The individual who initiates a civil action.
Usurious
Discharge
Plaintiff
Property
48. The change of one of the parties to a contract at the mutual agreement of the original parties.
Certified Check
Novation
Promoter
Check
49. A negotiable instrument containing a promise to pay.
Process (Summons)
Sale
Promissory Note
Plaintiff
50. One that is incorporated in a foreign country.
Liquidated Damages
Par-value Stock
Fraud
Alien corporation