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. Stock that entitles owner vote.
Booking
Consignor
Common Stock
Creditor Beneficiary
2. The authority of an agent - stated in the document or agreement creating the agency.
Subchapter S Corporation
Existing Goods
Executory Contracts
Express Authority
3. A warranty imposed by law - arising automatically because the sale has been made.
Bill of Lading
Implied Warranties
Punitive Damages
Assignee
4. The person to whom an offer is made.
Offeree
Stockholders (Shareholders)
Answer
Special Agent
5. 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).
Necessaries (Necessities)
Valid Contract
Close (closed - closely held) corporation
Stockholders (Shareholders)
6. A corporation formed to carry out government functions.
Trial Courts
Public Corporation
Warranties
Arrest
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Close (closed - closely held) corporation
Petition (Complaint)
Beneficiary
Negotiable Instrument (Commercial Paper)
8. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Crime
Revocation
Certificate of Deposit
Donee Beneficiary
9. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Assignor
Price
Blank Endorsement
10. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Sale
Uniform Commercial Code
Consignor
Executed Contracts
11. The contracting of services rather than goods.
Service Contracts
Tort
Real Property
Drawee
12. An agreement to an offer resulting in a contract.
Common Stock
Acceptance
Booking
Judgment
13. One in possession of commercial paper.
Holder
Common Stock
Undue Influence
Misrepresentation
14. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Crime
Voidable Contract
Limited Liability Corporation
Check
15. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Par-value Stock
Formal Contract
Undue Influence
Void Contract
16. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Future Goods
Private Corporation
Sale
Merchant
17. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Third Party Beneficiary
Alien corporation
Formal Contract
18. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Drawer
Silent Partner
Board of Directors
19. A criminal offense that is punishable by confinement in prison or by death.
Undue Influence
Felony
Price
Bailor
20. A commercial paper payable to bearer; i.e. to the person having possession of such.
Negligence
Beneficiary
Misrepresentation
Bearer Paper
21. An agreement between two or more competent persons which is enforceable by law.
Existing Goods
Contract
Executory Contracts
Executed Contracts
22. 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.
Novation
Corporation
Executed Contracts
Bearer
23. The act of transferring ownership of a negotiable instrument to another party.
Common Law
Felony
Negotiation
Domestic corporation
24. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Draft
Employee
Implied Authority
25. An individual actively and openly engaged in the business and held out to everyone as a partner.
Alien corporation
Express Authority
Fraud
General Partner
26. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Employee
Misdemeanor
Partnership
Express Contract
27. One who takes initial steps to form corporation.
Promoter
Voidable Contract
Nominal Damages
Offeror
28. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Endorsement
Contract to Sell
Necessaries (Necessities)
Restrictive Endorsement
29. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Bearer Paper
Beneficiary
Offer
Counteroffer
30. The repudiation of - or election to avoid - a voidable contract.
Necessaries (Necessities)
Maker
Disaffirmance
Business Law
31. The individual who initiates a civil action.
Undue Influence
Cashier's Check
Plaintiff
Answer
32. The necessity that the parties desiring to enter into contracts meet all requirements.
Real Property
Contractual Capability
Liquidated Damages
Dormant or sleeping partner
33. That which the promisor demands and receives as the price for a promise.
Consideration
Corporation
Future Goods
Personal Property
34. An agreement which is not in the form required by law.
Unenforceable Contract
Express Warranty
Public Corporation
Minor
35. Stock with an assigned face vale.
Acceptance
Executed Contracts
Par-value Stock
Offer
36. The person - company - or financial institution ordered to pay a draft.
Service Contracts
Drawee
Antitrust
Law (Blackstone's Definition)
37. Stating an untrue fact.
Misrepresentation
Usurious
Principal
Treasury Stock
38. Power to act for someone else.
Qualified Endorsement
Maker
Negligence
Authority
39. Partner active in a business unknown to the public.
Drawee
Secret Partner
Executed Contracts
Compensatory Damages
40. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Consideration
Bearer Paper
Offeree
41. 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
Rescission
Beneficiary
Promissory Estoppel
Booking
42. Laws enacted by local municipalities.
Ordinances
Sole proprietorship
Board of Directors
Complaint (petition)
43. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Offeree
Appellate Court
Discovery
Agent
44. 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.
Fraud
Counteroffer
Nominal Damages
Duress
45. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.
Endorser
Dormant or sleeping partner
Sale
Employee
46. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Domestic corporation
Formal Contract
Blank Endorsement
47. 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
Plaintiff
Partnership
Stare Decisis
48. Charging a person with a crime and asking for that person's plea.
Express Contract
Booking
Unenforceable Contract
Arraignment
49. A business owned by one person.
Cashier's Check
Antitrust
Contract
Sole proprietorship
50. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Malpractice
Intangible Personal Property
Disaffirmance
Agent