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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. The party to whom any negotiable instrument is made payable.
Close (closed - closely held) corporation
Warranties
Payee
Employee
2. A check drawn on a bank's own funds and signed by a responsible bank official.
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3. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Authority
Agent
Plaintiff
Express Contract
4. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Order Paper
Principal
Payee
Beneficiary
5. An agreement of no legal effect.
Void Contract
Employer
Malpractice
Existing Goods
6. 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
Arraignment
Bailee
Booking
Bailor
7. A commercial paper payable to bearer; i.e. to the person having possession of such.
Business Law
Bearer Paper
Negotiation
Executory Contracts
8. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Dormant or sleeping partner
Certificate of Deposit
Plaintiff
Creditor Beneficiary
9. Any contract other than a formal contract - whether written - oral or implied.
Bill of Sale
Executed Contracts
Tort
Simple Contract
10. Stating an untrue fact.
Misrepresentation
Beneficiary
Acceptance
Silent Partner
11. Power to act for someone else.
Authority
Special Endorsement
Personal Property
Arraignment
12. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Consignor
Shareholders (Stockholders)
Process (Summons)
13. Customs that have become recognized by the courts as binding on the community.
Bailor
Business Law
Private Corporation
Common Law
14. 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.
Cashier's Check
Law (Blackstone's Definition)
Fraud
Payee
15. The person who executes any draft.
Executory Contracts
Drawer
Minor
Negligence
16. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Maker
Promissory Estoppel
Consignor
Statute of Frauds
17. The act of transferring ownership of a negotiable instrument to another party.
Summons (Process)
Subchapter S Corporation
Check
Negotiation
18. The transfer of possession but not the title of personal property by one party to another - under agreement.
Check
Sole proprietorship
Merchant
Bailment
19. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Bailment
Booking
Shareholders (Stockholders)
Preferred Stock
20. The signature or statement of purpose by the owner on the back of the instrument.
Arraignment
Revocation
Endorsement
Cashier's Check
21. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Shareholders (Stockholders)
Offeree
Express Warranty
Par-value Stock
22. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Criminal Law
Drawee
Punitive Damages
General Partner
23. One who ships goods by common carrier.
Simple Contract
Novation
Stockholders (Shareholders)
Consignor
24. A means whereby one party conveys rights to another person who is not a party to the original contract.
Personal Property
Assignment
Offeror
Plaintiff
25. A contract which will be enforced by the court.
Usurious
Defendant
Implied Authority
Valid Contract
26. An endorsement which limits the liability of the endorser.
Rescission
General Partner
Qualified Endorsement
Misdemeanor
27. 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.
Dormant or sleeping partner
Disaffirmance
Creditor Beneficiary
Novation
28. A check for which the bank assures that the drawer has sufficient funds to make payment.
Board of Directors
Certified Check
Bill of Lading
Promissory Estoppel
29. An agreement between two or more competent persons which is enforceable by law.
Petition (Complaint)
Ordinances
Special Performance
Contract
30. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Stockholders (Shareholders)
Felony
Express Authority
31. The party who gives up possession - but not title - of property in a bailment.
Valid Contract
Bailor
Tort
Defendant
32. Those contracts that must be in special form or produced in a certain way - such as under seal.
Service Contracts
Misdemeanor
Dormant or sleeping partner
Formal Contract
33. The necessity that the parties desiring to enter into contracts meet all requirements.
Executed Contracts
Authority
Contractual Capability
Negotiation
34. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Real Property
Complaint (petition)
Offeree
35. An agreement to an offer resulting in a contract.
Acceptance
Partnership
Disaffirmance
Sole proprietorship
36. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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37. Official document detailing a defendant's defense.
Answer
Goods
Arrest
Felony
38. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
General Agent
Consideration
Malpractice
Express Warranty
39. One authorized by the principal to execute specific acts.
Special Agent
Negligence
Misrepresentation
Express Warranty
40. A party who appoints a second party to serve as an agent.
Agent
Express Warranty
Principal
Third Party Beneficiary
41. A law that restricts the period of time within which an action may be brought to court.
Common Stock
Trial Courts
Complaint (petition)
Statute of Limitations
42. 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.
Bearer
Subchapter S Corporation
Executed Contracts
Commercial Paper (Negotiable Instrument)
43. The change of one of the parties to a contract at the mutual agreement of the original parties.
Contract to Sell
Defendant
Partnership
Novation
44. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Identified Goods
Treasury Stock
Alien corporation
45. Charging a person with a crime and asking for that person's plea.
Void Contract
Special Endorsement
Compensatory Damages
Arraignment
46. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Ordinances
Holder
Sale
Contract
47. Person not party to a contract - but whom parties intended to benefit.
Statute of Limitations
Contract to Sell
Third Party Beneficiary
Beneficiary
48. The person against whom legal action is brought. 1
Petition (Complaint)
Bearer Paper
Defendant
Special Endorsement
49. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Preferred Stock
Negotiation
Revocation
Punitive Damages
50. The party making the assignment.
Certified Check
Executory Contracts
Assignor
Compensatory Damages