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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. An agreement of no legal effect.
Silent Partner
Defendant
Void Contract
Express Contract
2. 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.
Executed Contracts
Implied Warranties
Public Corporation
Merchant
3. The authority of an agent - stated in the document or agreement creating the agency.
Bailment
Express Authority
Compensatory Damages
Counteroffer
4. Courts that conduct the original trial and render their decision.
Order Paper
Novation
Special Agent
Trial Courts
5. All property which is not real property.
Fraud
Personal Property
Arraignment
Express Contract
6. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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7. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Intangible Personal Property
Revocation
Minor
Necessaries (Necessities)
8. A warranty imposed by law - arising automatically because the sale has been made.
Promoter
Unenforceable Contract
Acceptance
Implied Warranties
9. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Unilateral Contract
Discharge
Express Contract
Usurious
10. Customs that have become recognized by the courts as binding on the community.
Common Law
Donee Beneficiary
Limited Liability Corporation
Capital Stock
11. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Assignor
Crime
Appellate Court
Stockholders (Shareholders)
12. Person not party to a contract - but whom parties intended to benefit.
Sherman Antitrust Act
Minor
Third Party Beneficiary
Merchant
13. The change of one of the parties to a contract at the mutual agreement of the original parties.
Judgment
Employee
Certificate of Deposit
Novation
14. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Public Corporation
Ratification
Breach of Contract
15. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Certified Check
Express Warranty
Third Party Beneficiary
16. Operates in the state that granted the charter.
Endorser
Domestic corporation
Executory Contracts
Counteroffer
17. Charging a person with a crime and asking for that person's plea.
Preferred Stock
Arraignment
Offeror
Misrepresentation
18. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Punitive Damages
Third Party Beneficiary
Common Stock
Revocation
19. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Statutes
Sale
Endorser
Liquidated Damages
20. Stock that entitles owner vote.
Trial Courts
Common Stock
Draft
Express Contract
21. The party making the assignment.
Public Corporation
Negotiation
Assignor
Price
22. Partner unknown to public with no part in management.
Qualified Endorsement
Dormant or sleeping partner
Injunction
Existing Goods
23. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Maker
Breach of Contract
Fiduciary
Warranties
24. 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.
Corporation
Treasury Stock
Par-value Stock
Real Property
25. A criminal offense which is neither treason nor a felony.
Misdemeanor
Check
Endorsement
Promissory Note
26. Anything that may be owned.
Property
Negotiation
Unilateral Contract
Bill of Lading
27. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Void Contract
Partnership
Endorser
Principal
28. 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).
Bailee
Answer
Close (closed - closely held) corporation
Accord and Satisfaction
29. That consideration stipulated by contract - generally expressed in money or money's worth.
Bailee
Price
Commercial Paper (Negotiable Instrument)
Valid Contract
30. 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.
Stare Decisis
Sherman Antitrust Act
Negotiable Instrument (Commercial Paper)
Draft
31. The person against whom legal action is brought. 1
Defendant
Implied Warranties
Price
Antitrust
32. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Executory Contracts
Promissory Estoppel
Certified Check
Tort
33. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Compensatory Damages
Misdemeanor
Voidable Contract
Sherman Antitrust Act
34. Partner active in a business unknown to the public.
Secret Partner
Dormant or sleeping partner
Offeror
Business Law
35. A written request initiating a civil suit.
Secret Partner
Authority
Petition (Complaint)
Unenforceable Contract
36. Court hearing cases appealed from lower courts.
Certificate of Deposit
Promissory Estoppel
Appellate Court
Promissory Note
37. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Formal Contract
Misdemeanor
Beneficiary
Endorsement
38. 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
Punitive Damages
Independent Contractor
Accord and Satisfaction
Booking
39. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Silent Partner
Foreign Corporation
Bailee
Stockholders (Shareholders)
40. A corporation formed by individuals to form some non-governmental function.
Compensatory Damages
Private Corporation
Draft
Qualified Endorsement
41. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Domestic corporation
Assignor
Offer
42. An offense which is injurious to society as a whole.
Implied Contract
Crime
Disaffirmance
Uniform Commercial Code
43. Stock with an assigned face vale.
Future Goods
Public Corporation
Promissory Estoppel
Par-value Stock
44. The act of transferring ownership of a negotiable instrument to another party.
Principal
Negotiation
Executory Contracts
Qualified Endorsement
45. One who takes initial steps to form corporation.
Promoter
Par-value Stock
Partnership
Answer
46. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Sherman Antitrust Act
Bill of Lading
Price
47. One in possession of commercial paper.
Voidable Contract
Holder
Usurious
Negligence
48. Declared value of outstanding stock.
Bearer
Contract
Capital Stock
Public Corporation
49. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Business Law
Sherman Antitrust Act
Board of Directors
Simple Contract
50. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Domestic corporation
Capital Stock
Uniform Commercial Code