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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. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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2. The party who initiates - or makes - an offer.
Bill of Lading
Offeror
Stare Decisis
Liquidated Damages
3. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Breach of Contract
Implied Contract
Foreign Corporation
Assignee
4. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Special Performance
Arrest
Preferred Stock
Unenforceable Contract
5. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Real Property
Future Goods
Disaffirmance
6. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the
Independent Contractor
Discovery
Par-value Stock
Stare Decisis
7. Person who pretends to be a partner or permits others to represent him or her as a partner.
Plaintiff
Misrepresentation
Nominal Partner
Subchapter S Corporation
8. The contract existing between the consignor (shipper) and the carrier.
Defendant
Close (closed - closely held) corporation
Bill of Lading
Offeree
9. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Bill of Sale
Trial Courts
Implied Authority
Executed Contracts
10. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Statutes
Complaint (petition)
Express Contract
11. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Sole proprietorship
Misrepresentation
Law (Blackstone's Definition)
Limited Liability Corporation
12. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Criminal Law
Nominal Partner
Special Endorsement
13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Common Law
Unilateral Contract
Trial Courts
Assignor
14. 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.
Express Warranty
Duress
Existing Goods
Limited Liability Corporation
15. One who takes initial steps to form corporation.
Warranties
Accord and Satisfaction
Assignor
Promoter
16. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Agent
Certified Check
Treasury Stock
17. The party making the assignment.
Promissory Estoppel
Assignor
Donee Beneficiary
Novation
18. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Negotiation
Statutes
Discharge
Shareholders (Stockholders)
19. Those goods which are - at the time of the contract - in existence and owned by the seller.
Nominal Partner
Existing Goods
Drawer
Rescission
20. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Process (Summons)
Drawee
Tort
Discovery
21. A body of persons elected by the stockholders to define and establish corporate policy.
Certificate of Deposit
Promoter
Board of Directors
Unenforceable Contract
22. A written request initiating a civil suit.
Special Endorsement
Duress
Fiduciary
Complaint (petition)
23. A judicial order or decree forbidding the performance of a certain act.
Endorser
Rescission
Check
Injunction
24. A business owned by one person.
Express Warranty
Answer
Sole proprietorship
Alien corporation
25. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Fiduciary
Process (Summons)
Stare Decisis
Employee
26. Declared value of outstanding stock.
Capital Stock
Injunction
Ratification
Acceptance
27. Official document detailing a defendant's defense.
Answer
Complaint (petition)
Consignor
Sale
28. A commercial paper payable to bearer; i.e. to the person having possession of such.
Appellate Court
Trial Courts
Fiduciary
Bearer Paper
29. 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.
Ratification
Certificate of Deposit
Statute of Frauds
Complaint (petition)
30. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Executed Contracts
Subchapter S Corporation
Future Goods
Bailment
31. One to whom goods are shipped by common carrier.
Consignee
Discovery
Formal Contract
Agent
32. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Implied Contract
Tort
Business Law
Warranties
33. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Negligence
Special Agent
Limited Partner
Stockholders (Shareholders)
34. A corporation formed by individuals to form some non-governmental function.
Rescission
Private Corporation
Common Stock
Duress
35. Pretrial steps taken to learn the details of the case.
Discovery
Bailee
Treasury Stock
Intangible Personal Property
36. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Subchapter S Corporation
Necessaries (Necessities)
Contract
Blank Endorsement
37. Customs that have become recognized by the courts as binding on the community.
Malpractice
Complaint (petition)
Common Law
Contract to Sell
38. An agreement which is not in the form required by law.
Sherman Antitrust Act
Restrictive Endorsement
Plaintiff
Unenforceable Contract
39. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Dormant or sleeping partner
Agent
Blank Endorsement
40. Person not party to a contract - but whom parties intended to benefit.
Defendant
Third Party Beneficiary
Qualified Endorsement
Agent
41. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Offer
Holder
Punitive Damages
42. Those goods which are not in existence at the time a contract is agreed to.
Principal
Assignee
Future Goods
Implied Authority
43. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Payee
Identified Goods
Compensatory Damages
44. An endorsement which limits the liability of the endorser.
Negotiation
Assignee
Qualified Endorsement
Limited Liability Corporation
45. The person to whom an offer is made.
Stockholders (Shareholders)
Offeree
Employer
Liquidated Damages
46. Courts that conduct the original trial and render their decision.
Answer
Trial Courts
Executory Contracts
Consignor
47. 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.
Agent
Fraud
Employer
Felony
48. One in possession of commercial paper.
Certified Check
Public Corporation
Holder
Implied Warranties
49. A person in possession of an instrument.
Bearer
Punitive Damages
Nominal Damages
Corporation
50. An agreement to an offer resulting in a contract.
Offeree
Tort
Commercial Paper (Negotiable Instrument)
Acceptance