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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. 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.
Executed Contracts
Bailor
Subchapter S Corporation
Summons (Process)
2. Person not party to a contract - but whom parties intended to benefit.
Valid Contract
Third Party Beneficiary
Certified Check
Capital Stock
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.
Process (Summons)
Nominal Partner
Antitrust
Maker
4. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Partnership
Valid Contract
Silent Partner
Defendant
5. A check drawn on a bank's own funds and signed by a responsible bank official.
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6. That which the promisor demands and receives as the price for a promise.
Alien corporation
Negligence
Offer
Consideration
7. The necessity that the parties desiring to enter into contracts meet all requirements.
Board of Directors
Contractual Capability
Counteroffer
Novation
8. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Process (Summons)
Compensatory Damages
Judgment
Tort
9. A means whereby one party conveys rights to another person who is not a party to the original contract.
Acceptance
Assignment
Express Contract
Goods
10. An endorsement which limits the liability of the endorser.
Qualified Endorsement
General Partner
Secret Partner
Donee Beneficiary
11. Those contracts that must be in special form or produced in a certain way - such as under seal.
Counteroffer
Secret Partner
Formal Contract
Personal Property
12. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Future Goods
Breach of Contract
Undue Influence
Express Warranty
13. Court hearing cases appealed from lower courts.
Revocation
Appellate Court
Punitive Damages
Rescission
14. 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
Existing Goods
Trial Courts
Independent Contractor
Process (Summons)
15. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Goods
Undue Influence
Partnership
16. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Negligence
Special Endorsement
Discharge
Donee Beneficiary
17. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Alien corporation
Unilateral Contract
Negotiation
18. The contract existing between the consignor (shipper) and the carrier.
Real Property
Negligence
Answer
Bill of Lading
19. A document of conveyance that provides written evidence of one's title to tangible personal property.
Usurious
Bill of Sale
Bailor
Minor
20. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Sherman Antitrust Act
Tort
Accord and Satisfaction
Felony
21. The party who initiates - or makes - an offer.
Crime
Complaint (petition)
Offeror
Contractual Capability
22. A person in possession of an instrument.
Bearer
Bailment
Summons (Process)
Fraud
23. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Certificate of Deposit
Minor
Undue Influence
Arrest
24. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Valid Contract
Special Endorsement
Order Paper
Drawee
25. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Subchapter S Corporation
Check
Accord and Satisfaction
Stockholders (Shareholders)
26. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Limited Partner
Qualified Endorsement
Offer
27. Movable tangible personal property.
Goods
Foreign Corporation
General Agent
Misrepresentation
28. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Negligence
Draft
Creditor Beneficiary
29. A negotiable instrument containing a promise to pay.
Assignor
Sale
Common Law
Promissory Note
30. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Consideration
Undue Influence
Duress
Executed Contracts
31. Stock reacquired by a corporation.
Assignment
Formal Contract
Partnership
Treasury Stock
32. The contracting of services rather than goods.
Implied Contract
Employer
Service Contracts
Usurious
33. The act of transferring ownership of a negotiable instrument to another party.
Tort
Booking
Implied Authority
Negotiation
34. 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.
Warranties
Rescission
Agent
Employee
35. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Preferred Stock
Agent
Future Goods
Implied Contract
36. Person who writes his or her name on back of instrument.
Fiduciary
Counteroffer
Endorser
Contract
37. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Misdemeanor
Restrictive Endorsement
Liquidated Damages
38. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Crime
Donee Beneficiary
Tort
Payee
39. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Identified Goods
Merchant
Negotiable Instrument (Commercial Paper)
Subchapter S Corporation
40. Having no words other than the signature of the endorser.
Discovery
Accord and Satisfaction
Blank Endorsement
Contract
41. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Endorser
Revocation
Limited Partner
Promissory Estoppel
42. One authorized by the principal to execute specific acts.
Bailor
Special Agent
Misrepresentation
General Partner
43. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Void Contract
Employee
Promissory Estoppel
Undue Influence
44. 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.
Usurious
Silent Partner
Compensatory Damages
Duress
45. A party who appoints a second party to serve as an agent.
Principal
Independent Contractor
Valid Contract
Identified Goods
46. Power to act for someone else.
Booking
Authority
Common Law
Drawer
47. Stating an untrue fact.
Contract to Sell
Nominal Damages
Consignee
Misrepresentation
48. The party making the assignment.
Accord and Satisfaction
Board of Directors
Assignor
Booking
49. Laws enacted by local municipalities.
Ordinances
Felony
Assignor
Sole proprietorship
50. 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.
Tort
Statute of Frauds
Qualified Endorsement
Employer