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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 any draft.
Void Contract
Drawer
Capital Stock
Offeree
2. An expression of willingness to enter a contractual agreement.
Offer
Compensatory Damages
Bill of Sale
General Agent
3. 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)
Sherman Antitrust Act
Subchapter S Corporation
Commercial Paper (Negotiable Instrument)
4. Those goods which are not in existence at the time a contract is agreed to.
Identified Goods
Misdemeanor
Petition (Complaint)
Future Goods
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.
Employee
Par-value Stock
Personal Property
Plaintiff
6. The person who executes a promissory note.
Qualified Endorsement
Warranties
Judgment
Maker
7. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Undue Influence
Donee Beneficiary
Par-value Stock
Holder
8. All property which is not real property.
Limited Liability Corporation
Personal Property
Order Paper
Intangible Personal Property
9. The transfer of possession but not the title of personal property by one party to another - under agreement.
Domestic corporation
Trial Courts
Restrictive Endorsement
Bailment
10. The party who acquires possession but not the title of personal property in a bailment.
Sale
Creditor Beneficiary
Bailee
Subchapter S Corporation
11. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Donee Beneficiary
Domestic corporation
Statute of Limitations
Undue Influence
12. The individual who initiates a civil action.
Order Paper
Minor
Independent Contractor
Plaintiff
13. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Check
Formal Contract
Counteroffer
14. To take into police custody.
Law (Blackstone's Definition)
Check
Negotiable Instrument (Commercial Paper)
Arrest
15. The authority of an agent - stated in the document or agreement creating the agency.
Price
Disaffirmance
Certified Check
Express Authority
16. Courts that conduct the original trial and render their decision.
Certificate of Deposit
General Partner
Trial Courts
Negligence
17. Partner unknown to public with no part in management.
Dormant or sleeping partner
Drawer
Judgment
Private Corporation
18. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Close (closed - closely held) corporation
Undue Influence
Compensatory Damages
Express Contract
19. An agreement which is not in the form required by law.
Unenforceable Contract
Unilateral Contract
Creditor Beneficiary
Blank Endorsement
20. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Special Agent
Common Law
Limited Liability Corporation
Shareholders (Stockholders)
21. The party who gives up possession - but not title - of property in a bailment.
Bailor
Contract
Foreign Corporation
Beneficiary
22. A commercial paper payable to bearer; i.e. to the person having possession of such.
Private Corporation
Answer
Foreign Corporation
Bearer Paper
23. The change of one of the parties to a contract at the mutual agreement of the original parties.
Beneficiary
Principal
Novation
Contract
24. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Authority
Necessaries (Necessities)
Statutes
Nominal Damages
25. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Tort
Liquidated Damages
Alien corporation
Shareholders (Stockholders)
26. An individual actively and openly engaged in the business and held out to everyone as a partner.
Order Paper
Counteroffer
Statute of Frauds
General Partner
27. The person against whom legal action is brought. 1
Misrepresentation
Law (Blackstone's Definition)
Defendant
Minor
28. That which the promisor demands and receives as the price for a promise.
Consideration
Defendant
Close (closed - closely held) corporation
Capital Stock
29. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Assignor
Private Corporation
Express Warranty
Donee Beneficiary
30. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Stockholders (Shareholders)
Acceptance
Offeree
31. 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.
General Agent
Felony
Stockholders (Shareholders)
Corporation
32. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Ordinances
Necessaries (Necessities)
Sherman Antitrust Act
33. 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.
Implied Contract
Agent
Bill of Sale
Commercial Paper (Negotiable Instrument)
34. The party to whom any negotiable instrument is made payable.
Promissory Note
Necessaries (Necessities)
Payee
Bailment
35. A law that restricts the period of time within which an action may be brought to court.
Counteroffer
Maker
Corporation
Statute of Limitations
36. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Alien corporation
Tort
Revocation
Bailment
37. 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.
Order Paper
Restrictive Endorsement
Antitrust
Duress
38. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Bailee
Compensatory Damages
Uniform Commercial Code
Bill of Sale
39. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Formal Contract
Subchapter S Corporation
Capital Stock
40. The party making the assignment.
Offeror
Crime
Assignor
Restrictive Endorsement
41. One in possession of commercial paper.
Qualified Endorsement
Order Paper
Holder
Property
42. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Partnership
Beneficiary
Revocation
43. The signature or statement of purpose by the owner on the back of the instrument.
Payee
Voidable Contract
Sale
Endorsement
44. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Limited Partner
Alien corporation
Cashier's Check
45. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Assignment
Consignor
Fiduciary
Corporation
46. 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.
Draft
Duress
Express Authority
Certified Check
47. One that is incorporated in a foreign country.
Negotiable Instrument (Commercial Paper)
Executed Contracts
Sale
Alien corporation
48. 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
Existing Goods
Silent Partner
Holder
49. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Donee Beneficiary
Personal Property
Special Endorsement
50. A party who appoints a second party to serve as an agent.
Principal
Complaint (petition)
Implied Contract
Offeree