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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 contracts in which the terms have not been completely executed or fulfilled.
Criminal Law
General Partner
Executory Contracts
Maker
2. 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.
Summons (Process)
Cashier's Check
Negotiable Instrument (Commercial Paper)
General Agent
3. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Nominal Damages
Criminal Law
Uniform Commercial Code
4. An agreement which is not in the form required by law.
Unenforceable Contract
Offeree
Booking
Order Paper
5. The party who gives up possession - but not title - of property in a bailment.
Bailor
Plaintiff
Sole proprietorship
Offer
6. Partner unknown to public with no part in management.
Accord and Satisfaction
Dormant or sleeping partner
Negotiation
Arraignment
7. Stock reacquired by a corporation.
Dormant or sleeping partner
Silent Partner
Treasury Stock
Order Paper
8. Court hearing cases appealed from lower courts.
Bailee
Bailment
Fraud
Appellate Court
9. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.
Silent Partner
Payee
Check
Acceptance
10. Customs that have become recognized by the courts as binding on the community.
Check
Common Law
Antitrust
Blank Endorsement
11. 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
Personal Property
Process (Summons)
Independent Contractor
Revocation
12. The contracting of services rather than goods.
Process (Summons)
Punitive Damages
Blank Endorsement
Service Contracts
13. That which the promisor demands and receives as the price for a promise.
Consideration
Voidable Contract
Identified Goods
Corporation
14. Laws enacted by local municipalities.
Intangible Personal Property
Shareholders (Stockholders)
Ordinances
Special Endorsement
15. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Independent Contractor
Dormant or sleeping partner
Price
16. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Valid Contract
Stare Decisis
Uniform Commercial Code
17. One that is incorporated in a foreign country.
Payee
Certificate of Deposit
Alien corporation
Void Contract
18. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Assignee
Bailor
Tort
Rescission
19. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Commercial Paper (Negotiable Instrument)
Intangible Personal Property
Promissory Note
Offeree
20. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Bailee
Blank Endorsement
Statute of Limitations
21. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Identified Goods
Express Warranty
Voidable Contract
Bearer Paper
22. Person who pretends to be a partner or permits others to represent him or her as a partner.
Offeree
Simple Contract
Nominal Partner
Appellate Court
23. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Plaintiff
Beneficiary
Silent Partner
24. The repudiation of - or election to avoid - a voidable contract.
Identified Goods
Endorsement
Disaffirmance
Common Law
25. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Maker
Draft
Sale
Counteroffer
26. Pretrial steps taken to learn the details of the case.
Goods
Trial Courts
Close (closed - closely held) corporation
Discovery
27. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Valid Contract
Implied Authority
Preferred Stock
Sale
28. 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.
Employee
Donee Beneficiary
Compensatory Damages
Cashier's Check
29. The transfer of possession but not the title of personal property by one party to another - under agreement.
Principal
Necessaries (Necessities)
Existing Goods
Bailment
30. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Executory Contracts
Necessaries (Necessities)
Shareholders (Stockholders)
Unenforceable Contract
31. 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.
Novation
Par-value Stock
Statute of Frauds
Fraud
32. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Undue Influence
Donee Beneficiary
Certificate of Deposit
Uniform Commercial Code
33. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Judgment
Promoter
Maker
34. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Defendant
Assignee
Counteroffer
Punitive Damages
35. A criminal offense which is neither treason nor a felony.
Ordinances
Express Warranty
Misdemeanor
Law (Blackstone's Definition)
36. A means whereby one party conveys rights to another person who is not a party to the original contract.
Law (Blackstone's Definition)
Assignment
Common Stock
Price
37. Laws which seek to promote competition among businesses.
Antitrust
Assignment
Tort
Drawer
38. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Acceptance
Defendant
Sale
39. Those goods which are - at the time of the contract - in existence and owned by the seller.
Sale
Misdemeanor
Existing Goods
Secret Partner
40. A written request initiating a civil suit.
Complaint (petition)
Independent Contractor
Donee Beneficiary
Promoter
41. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Bearer
Promissory Note
Independent Contractor
42. Those goods which are not in existence at the time a contract is agreed to.
Assignment
Executed Contracts
Felony
Future Goods
43. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Contractual Capability
Price
Maker
Order Paper
44. An endorsement which designates the particular person to whom payment is to be made.
Promissory Estoppel
Express Warranty
Special Endorsement
Intangible Personal Property
45. Stock that entitles owner vote.
Common Stock
Void Contract
Undue Influence
Agent
46. Land and those objects permanently attached to land. Rejection refusal to accept.
Sherman Antitrust Act
Beneficiary
Tort
Real Property
47. An individual who takes no active part in the management of a business but has capital invested in the business.
Treasury Stock
Silent Partner
Plaintiff
Endorsement
48. 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 Contract
Duress
Petition (Complaint)
Void Contract
49. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Bill of Sale
Foreign Corporation
Promissory Estoppel
Price
50. To take into police custody.
Arrest
Acceptance
Existing Goods
Property
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