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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. An agreement to an offer resulting in a contract.
Corporation
Domestic corporation
Acceptance
Revocation
2. Partner unknown to public with no part in management.
Business Law
Dormant or sleeping partner
Fiduciary
Contractual Capability
3. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Antitrust
Creditor Beneficiary
Nominal Partner
Nominal Damages
4. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Limited Partner
Judgment
Fiduciary
Special Performance
5. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Implied Authority
Statute of Frauds
Limited Liability Corporation
Treasury Stock
6. A commercial paper payable to bearer; i.e. to the person having possession of such.
Formal Contract
Private Corporation
Bearer Paper
Valid Contract
7. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Bearer Paper
Arraignment
Bailor
8. Power to act for someone else.
Business Law
Preferred Stock
Fraud
Authority
9. One that is incorporated in a foreign country.
General Partner
Alien corporation
Commercial Paper (Negotiable Instrument)
Consignor
10. The party who gives up possession - but not title - of property in a bailment.
Capital Stock
Bailor
Bill of Lading
Foreign Corporation
11. A warranty imposed by law - arising automatically because the sale has been made.
Promoter
Silent Partner
Implied Warranties
Void Contract
12. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Bailee
Executed Contracts
Implied Warranties
13. Stock that entitles owner vote.
Complaint (petition)
Common Stock
Payee
Subchapter S Corporation
14. 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.
Special Agent
Fraud
Implied Authority
Executed Contracts
15. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Summons (Process)
Trial Courts
Shareholders (Stockholders)
Nominal Damages
16. Court hearing cases appealed from lower courts.
Appellate Court
Breach of Contract
Foreign Corporation
Assignor
17. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Complaint (petition)
Identified Goods
Injunction
18. The party making the assignment.
Rescission
Executory Contracts
Close (closed - closely held) corporation
Assignor
19. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Existing Goods
Close (closed - closely held) corporation
Express Warranty
Restrictive Endorsement
20. To take into police custody.
Service Contracts
Express Warranty
Arrest
Undue Influence
21. 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.
Check
Fiduciary
Domestic corporation
Ratification
22. 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
Judgment
Misdemeanor
Independent Contractor
Contract
23. Stock giving special advantage as to payment of dividends - upon liquidation or both.
General Agent
Disaffirmance
Preferred Stock
Bailee
24. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Contractual Capability
Alien corporation
Goods
Order Paper
25. The party who initiates - or makes - an offer.
Dormant or sleeping partner
Offeror
Creditor Beneficiary
General Agent
26. Courts that conduct the original trial and render their decision.
Trial Courts
Disaffirmance
Misdemeanor
Limited Liability Corporation
27. An expression of willingness to enter a contractual agreement.
Fraud
Dormant or sleeping partner
Offer
Identified Goods
28. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Misdemeanor
Simple Contract
Subchapter S Corporation
Usurious
29. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Service Contracts
Offeree
Implied Authority
30. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Authority
Rescission
Counteroffer
Discharge
31. Those contracts that must be in special form or produced in a certain way - such as under seal.
Bill of Lading
Nominal Damages
Formal Contract
Arraignment
32. A means whereby one party conveys rights to another person who is not a party to the original contract.
Undue Influence
Assignment
Certified Check
Minor
33. Laws enacted by local municipalities.
Misdemeanor
Ordinances
Unilateral Contract
Plaintiff
34. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Novation
Treasury Stock
Third Party Beneficiary
Promissory Estoppel
35. 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.
Commercial Paper (Negotiable Instrument)
Endorsement
Third Party Beneficiary
Promoter
36. An individual actively and openly engaged in the business and held out to everyone as a partner.
Offer
Voidable Contract
General Partner
Offeree
37. 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.
Merchant
Summons (Process)
Promoter
Silent Partner
38. 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
Negligence
Nominal Damages
Sale
Public Corporation
39. One who ships goods by common carrier.
Third Party Beneficiary
Foreign Corporation
Revocation
Consignor
40. The person against whom legal action is brought. 1
Offer
Misrepresentation
Shareholders (Stockholders)
Defendant
41. 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.
Complaint (petition)
Booking
Stare Decisis
Agent
42. That which the promisor demands and receives as the price for a promise.
Consignee
Certified Check
Consideration
Assignor
43. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Misrepresentation
Foreign Corporation
Blank Endorsement
Executory Contracts
44. A person in possession of an instrument.
Property
Restrictive Endorsement
Assignment
Bearer
45. 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
Implied Contract
Preferred Stock
Counteroffer
46. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Independent Contractor
Answer
Statutes
47. The goods specified by the buyer and seller.
Tort
Silent Partner
Existing Goods
Identified Goods
48. Canceling - annulling - avoiding.
Property
Foreign Corporation
Complaint (petition)
Rescission
49. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Implied Contract
Employer
Discharge
Minor
50. A criminal offense that is punishable by confinement in prison or by death.
Discovery
Implied Authority
Defendant
Felony