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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 individual who initiates a civil action.
Plaintiff
Counteroffer
Promissory Note
Authority
2. Laws which are enacted by legislative bodies.
Criminal Law
Statutes
Public Corporation
Simple Contract
3. The party to whom the assignment is made.
Consideration
Commercial Paper (Negotiable Instrument)
Assignee
Discharge
4. One who takes initial steps to form corporation.
Creditor Beneficiary
Alien corporation
Promissory Estoppel
Promoter
5. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Arraignment
Punitive Damages
Sole proprietorship
6. An agreement between two or more competent persons which is enforceable by law.
Goods
Sale
Bearer
Contract
7. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Consignee
Unilateral Contract
Malpractice
Employee
8. Person who writes his or her name on back of instrument.
Assignee
Endorser
Maker
Capital Stock
9. The signature or statement of purpose by the owner on the back of the instrument.
Formal Contract
Plaintiff
Endorsement
Employer
10. 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
Warranties
Booking
Consideration
Negotiation
11. An endorsement which designates the particular person to whom payment is to be made.
Holder
Special Endorsement
Capital Stock
Process (Summons)
12. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Consideration
Creditor Beneficiary
Formal Contract
13. The party to whom any negotiable instrument is made payable.
Payee
Shareholders (Stockholders)
Accord and Satisfaction
Merchant
14. The party making the assignment.
Identified Goods
Assignor
Statute of Frauds
Price
15. 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.
Employee
Endorser
Check
Subchapter S Corporation
16. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Complaint (petition)
Voidable Contract
Stockholders (Shareholders)
17. One to whom goods are shipped by common carrier.
Malpractice
Draft
Consignee
Restrictive Endorsement
18. A check drawn on a bank's own funds and signed by a responsible bank official.
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19. An agreement which is not in the form required by law.
Tort
Certified Check
Unenforceable Contract
Service Contracts
20. Customs that have become recognized by the courts as binding on the community.
Negligence
Common Stock
Offer
Common Law
21. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Defendant
Booking
Malpractice
Beneficiary
22. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Check
Usurious
Donee Beneficiary
Tort
23. Courts that conduct the original trial and render their decision.
Trial Courts
Express Warranty
Undue Influence
Arrest
24. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Nominal Partner
Arrest
Executed Contracts
Negotiable Instrument (Commercial Paper)
25. The person against whom legal action is brought. 1
Defendant
Arraignment
Liquidated Damages
Compensatory Damages
26. 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.
Consignee
Stare Decisis
Bill of Sale
Tort
27. The party who initiates - or makes - an offer.
Promoter
Void Contract
Offeror
Bailee
28. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Silent Partner
Express Authority
Duress
Implied Contract
29. Laws which seek to promote competition among businesses.
Void Contract
Statute of Limitations
Antitrust
Limited Liability Corporation
30. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Draft
Certified Check
Express Contract
Limited Partner
31. The necessity that the parties desiring to enter into contracts meet all requirements.
Public Corporation
Statute of Frauds
Bailor
Contractual Capability
32. Charging a person with a crime and asking for that person's plea.
Liquidated Damages
Arraignment
Endorser
Certificate of Deposit
33. Exceeding the maximum rate of interest which may be charged on loans.
Injunction
Fraud
Consignor
Usurious
34. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Answer
Discharge
Liquidated Damages
Undue Influence
35. An award paid to the injured party to cover the exact amount of their loss - but no more.
Price
Compensatory Damages
Promissory Estoppel
Offeror
36. Stock reacquired by a corporation.
Future Goods
Answer
Statute of Frauds
Treasury Stock
37. A negotiable instrument containing a promise to pay.
Nominal Damages
Crime
Promissory Note
Certified Check
38. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Ratification
Statute of Frauds
Private Corporation
Blank Endorsement
39. 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.
Domestic corporation
Employee
Implied Contract
Executed Contracts
40. The party who acquires possession but not the title of personal property in a bailment.
Secret Partner
Bill of Lading
Shareholders (Stockholders)
Bailee
41. A means whereby one party conveys rights to another person who is not a party to the original contract.
Appellate Court
Commercial Paper (Negotiable Instrument)
Payee
Assignment
42. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Blank Endorsement
Revocation
Certificate of Deposit
Counteroffer
43. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Express Authority
Voidable Contract
Trial Courts
Maker
44. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Contract to Sell
Donee Beneficiary
Bearer Paper
45. Person not party to a contract - but whom parties intended to benefit.
Bailor
Foreign Corporation
Third Party Beneficiary
Capital Stock
46. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Business Law
Limited Partner
Contract to Sell
Intangible Personal Property
47. Person who pretends to be a partner or permits others to represent him or her as a partner.
Bill of Lading
Nominal Partner
Common Stock
Independent Contractor
48. The contract existing between the consignor (shipper) and the carrier.
Corporation
Bill of Lading
Necessaries (Necessities)
Undue Influence
49. A decision of a court.
Judgment
Uniform Commercial Code
Fraud
Foreign Corporation
50. Stock with an assigned face vale.
Criminal Law
Board of Directors
Close (closed - closely held) corporation
Par-value Stock