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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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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 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.
Sherman Antitrust Act
Stare Decisis
Disaffirmance
General Agent
2. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Negotiable Instrument (Commercial Paper)
Independent Contractor
Shareholders (Stockholders)
Minor
3. To take into police custody.
Express Contract
Arrest
Fiduciary
Bill of Lading
4. A means whereby one party conveys rights to another person who is not a party to the original contract.
Booking
Bailor
Foreign Corporation
Assignment
5. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Authority
Treasury Stock
Implied Contract
Consignee
6. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Independent Contractor
Voidable Contract
Punitive Damages
Identified Goods
7. Any contract other than a formal contract - whether written - oral or implied.
Public Corporation
Alien corporation
Simple Contract
Arrest
8. Person who pretends to be a partner or permits others to represent him or her as a partner.
Principal
Defendant
Arraignment
Nominal Partner
9. 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)
Maker
Restrictive Endorsement
Real Property
10. One who takes initial steps to form corporation.
Executory Contracts
Arraignment
Fraud
Promoter
11. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Personal Property
Treasury Stock
Unenforceable Contract
Liquidated Damages
12. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Bill of Sale
Nominal Damages
Liquidated Damages
Limited Liability Corporation
13. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Offeree
Uniform Commercial Code
Voidable Contract
Certificate of Deposit
14. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Injunction
Endorsement
Secret Partner
15. Charging a person with a crime and asking for that person's plea.
Drawer
Alien corporation
Arraignment
Statute of Frauds
16. One who ships goods by common carrier.
Executory Contracts
Discovery
Drawee
Consignor
17. 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
Booking
Rescission
Summons (Process)
Contractual Capability
18. Confirming an act that was executed without authority or an act which was voidable.
Creditor Beneficiary
Law (Blackstone's Definition)
Ratification
Simple Contract
19. Laws which seek to promote competition among businesses.
Petition (Complaint)
Antitrust
Qualified Endorsement
Check
20. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Promissory Note
Novation
Alien corporation
21. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Express Authority
Statute of Frauds
Plaintiff
22. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Sale
Minor
Negotiation
Express Contract
23. Stock reacquired by a corporation.
Corporation
Limited Partner
Felony
Treasury Stock
24. Laws which are enacted by legislative bodies.
Authority
Valid Contract
Discharge
Statutes
25. Laws enacted by local municipalities.
Draft
Special Agent
Ordinances
Negotiable Instrument (Commercial Paper)
26. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Negligence
Sole proprietorship
Nominal Partner
Warranties
27. An award paid to the injured party to cover the exact amount of their loss - but no more.
Nominal Partner
Antitrust
Merchant
Compensatory Damages
28. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Consignor
Partnership
Draft
Negligence
29. Partner unknown to public with no part in management.
Negligence
Statute of Frauds
Dormant or sleeping partner
Par-value Stock
30. The act of transferring ownership of a negotiable instrument to another party.
Offeree
General Agent
Negotiation
Sale
31. Those goods which are - at the time of the contract - in existence and owned by the seller.
Agent
Existing Goods
Close (closed - closely held) corporation
Express Warranty
32. The individual who initiates a civil action.
Promissory Note
Limited Liability Corporation
Executory Contracts
Plaintiff
33. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Discharge
Public Corporation
Preferred Stock
Limited Liability Corporation
34. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Authority
Crime
Voidable Contract
Implied Warranties
35. One that is incorporated in a foreign country.
Stare Decisis
Endorser
Consignee
Alien corporation
36. Having no words other than the signature of the endorser.
Warranties
Property
Blank Endorsement
General Agent
37. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Arrest
Common Stock
Restrictive Endorsement
38. An expression of willingness to enter a contractual agreement.
Novation
Maker
Offer
Unilateral Contract
39. All property which is not real property.
Criminal Law
Personal Property
Service Contracts
Negotiable Instrument (Commercial Paper)
40. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Secret Partner
Summons (Process)
Agent
Holder
41. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Assignee
Promissory Estoppel
Ordinances
42. An endorsement which limits the liability of the endorser.
Cashier's Check
Close (closed - closely held) corporation
Qualified Endorsement
Bill of Sale
43. Those contracts that must be in special form or produced in a certain way - such as under seal.
Maker
Formal Contract
Certified Check
Felony
44. Partner active in a business unknown to the public.
Contract
Secret Partner
Plaintiff
Offeree
45. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Implied Authority
Board of Directors
Stockholders (Shareholders)
Express Contract
46. Declared value of outstanding stock.
Booking
Capital Stock
Holder
Bailor
47. Power to act for someone else.
Accord and Satisfaction
Nominal Damages
Qualified Endorsement
Authority
48. The signature or statement of purpose by the owner on the back of the instrument.
Silent Partner
Endorsement
Board of Directors
Promissory Note
49. 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.
Payee
Check
Corporation
Sale
50. A corporation formed to carry out government functions.
Subchapter S Corporation
Judgment
Public Corporation
Assignment
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