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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. The person who executes a promissory note.
Common Stock
Special Performance
Business Law
Maker
2. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Executory Contracts
Summons (Process)
Special Performance
3. The contracting of services rather than goods.
Compensatory Damages
Sherman Antitrust Act
Service Contracts
Antitrust
4. One who takes initial steps to form corporation.
Existing Goods
Promoter
Subchapter S Corporation
Corporation
5. 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.
Misrepresentation
Shareholders (Stockholders)
Donee Beneficiary
Employee
6. A document of conveyance that provides written evidence of one's title to tangible personal property.
Felony
Bill of Sale
Booking
Trial Courts
7. The individual who initiates a civil action.
Statute of Frauds
Plaintiff
Tort
Judgment
8. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Independent Contractor
Principal
Donee Beneficiary
Consignor
9. 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.
Employer
Existing Goods
Consignee
Stockholders (Shareholders)
10. Operates in the state that granted the charter.
Domestic corporation
Real Property
Maker
Express Contract
11. A law that restricts the period of time within which an action may be brought to court.
Donee Beneficiary
Bill of Lading
Treasury Stock
Statute of Limitations
12. Those contracts that must be in special form or produced in a certain way - such as under seal.
Fraud
Assignor
Contractual Capability
Formal Contract
13. The goods specified by the buyer and seller.
Crime
Identified Goods
Answer
Bailor
14. Declared value of outstanding stock.
Drawee
Compensatory Damages
Disaffirmance
Capital Stock
15. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Employer
Compensatory Damages
Bill of Sale
Contract to Sell
16. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Special Agent
Liquidated Damages
Identified Goods
17. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Accord and Satisfaction
Express Warranty
Necessaries (Necessities)
Third Party Beneficiary
18. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Domestic corporation
Statutes
Stare Decisis
19. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Ordinances
Counteroffer
Simple Contract
20. The signature or statement of purpose by the owner on the back of the instrument.
Employer
Check
Endorsement
Alien corporation
21. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Alien corporation
Sale
Bearer
Offeree
22. Movable tangible personal property.
Process (Summons)
Authority
Contractual Capability
Goods
23. A person in possession of an instrument.
Consignee
Common Stock
Bearer
Payee
24. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Service Contracts
Property
Endorser
25. Person not party to a contract - but whom parties intended to benefit.
Consideration
Contract to Sell
Ordinances
Third Party Beneficiary
26. An agreement to an offer resulting in a contract.
Preferred Stock
Acceptance
Tort
Misrepresentation
27. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Compensatory Damages
Process (Summons)
Contractual Capability
28. The contract existing between the consignor (shipper) and the carrier.
Summons (Process)
Bill of Lading
Common Law
Warranties
29. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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30. Those goods which are not in existence at the time a contract is agreed to.
Implied Contract
Future Goods
Goods
Common Stock
31. 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
Rescission
Implied Contract
Independent Contractor
Payee
32. The change of one of the parties to a contract at the mutual agreement of the original parties.
Consideration
Novation
Bearer
Assignment
33. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Negotiable Instrument (Commercial Paper)
Intangible Personal Property
Appellate Court
Contract
34. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Malpractice
Cashier's Check
Consignee
35. 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).
Agent
Disaffirmance
Contractual Capability
Close (closed - closely held) corporation
36. The person against whom legal action is brought. 1
Crime
Antitrust
Public Corporation
Defendant
37. The person - company - or financial institution ordered to pay a draft.
General Agent
Drawee
Partnership
Holder
38. The party to whom any negotiable instrument is made payable.
Minor
Contract
Payee
Ratification
39. A written request initiating a civil suit.
Punitive Damages
Secret Partner
Real Property
Petition (Complaint)
40. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Sherman Antitrust Act
Implied Contract
Appellate Court
Void Contract
41. Stock with an assigned face vale.
Capital Stock
Trial Courts
Negotiation
Par-value Stock
42. A contract remedy by which the court requires the breaching party to perform the contract.
Simple Contract
Special Performance
Future Goods
Property
43. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Fiduciary
Commercial Paper (Negotiable Instrument)
Arrest
Special Performance
44. 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.
Limited Liability Corporation
Summons (Process)
Public Corporation
Endorser
45. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
General Agent
Misrepresentation
Offeree
Sherman Antitrust Act
46. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Petition (Complaint)
Minor
Assignment
Express Contract
47. Anything that may be owned.
Property
Certificate of Deposit
Sale
Ordinances
48. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Assignee
Voidable Contract
Beneficiary
Order Paper
49. One in possession of commercial paper.
Compensatory Damages
Holder
Criminal Law
Executed Contracts
50. 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.
Process (Summons)
Felony
Dormant or sleeping partner
Statute of Limitations