SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Executory Contracts
Unilateral Contract
Accord and Satisfaction
Property
2. Stock that entitles owner vote.
Law (Blackstone's Definition)
Common Stock
Drawee
Minor
3. Stock reacquired by a corporation.
Defendant
Injunction
Treasury Stock
Merchant
4. A law that restricts the period of time within which an action may be brought to court.
Employer
Statute of Limitations
Unenforceable Contract
Rescission
5. An agreement to an offer resulting in a contract.
Promissory Estoppel
Acceptance
Commercial Paper (Negotiable Instrument)
Executed Contracts
6. 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
Consignor
Booking
Executed Contracts
Assignee
7. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Answer
Blank Endorsement
Bailment
8. An agreement of no legal effect.
Void Contract
Promissory Estoppel
Liquidated Damages
Arraignment
9. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Fiduciary
Domestic corporation
Special Performance
10. The authority of an agent - stated in the document or agreement creating the agency.
Foreign Corporation
Special Performance
Express Authority
Capital Stock
11. The party who acquires possession but not the title of personal property in a bailment.
Intangible Personal Property
Bailee
Booking
Acceptance
12. The goods specified by the buyer and seller.
Uniform Commercial Code
Identified Goods
Unilateral Contract
Close (closed - closely held) corporation
13. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Private Corporation
Sole proprietorship
Statute of Limitations
14. An expression of willingness to enter a contractual agreement.
Rescission
Offer
Statute of Frauds
Ratification
15. One that is incorporated in a foreign country.
Uniform Commercial Code
Bearer Paper
Alien corporation
Statute of Limitations
16. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Arraignment
Tort
Valid Contract
Shareholders (Stockholders)
17. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Nominal Damages
Certificate of Deposit
Creditor Beneficiary
Future Goods
18. A corporation formed to carry out government functions.
Public Corporation
Arrest
Process (Summons)
Identified Goods
19. 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.
Certified Check
General Agent
Statute of Frauds
Bailor
20. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Price
Void Contract
Misrepresentation
21. The person who executes any draft.
Promoter
Drawer
Judgment
Express Authority
22. A criminal offense that is punishable by confinement in prison or by death.
Trial Courts
Sherman Antitrust Act
Felony
Goods
23. A warranty imposed by law - arising automatically because the sale has been made.
Statute of Frauds
Shareholders (Stockholders)
Implied Warranties
Bill of Lading
24. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Subchapter S Corporation
Assignment
Capital Stock
25. 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
Domestic corporation
Compensatory Damages
Negligence
Malpractice
26. Movable tangible personal property.
General Partner
Crime
Implied Authority
Goods
27. Person not party to a contract - but whom parties intended to benefit.
Bearer Paper
Uniform Commercial Code
Third Party Beneficiary
Nominal Damages
28. 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.
Future Goods
Business Law
Breach of Contract
Stare Decisis
29. One who takes initial steps to form corporation.
Offeree
Bailor
Breach of Contract
Promoter
30. An agent's authority to do things not specifically authorized in order to carry out express authority.
Fraud
Implied Authority
Executed Contracts
Compensatory Damages
31. Those goods which are - at the time of the contract - in existence and owned by the seller.
Merchant
Existing Goods
Bill of Sale
Contractual Capability
32. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Implied Contract
Voidable Contract
Bearer
Agent
33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Employer
Service Contracts
Minor
Secret Partner
34. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Executory Contracts
Voidable Contract
Implied Authority
Goods
35. An offense which is injurious to society as a whole.
Crime
Board of Directors
Offer
Domestic corporation
36. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Cashier's Check
Sole proprietorship
Contract
37. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Endorsement
Express Warranty
Board of Directors
Consignor
38. That which the promisor demands and receives as the price for a promise.
Special Performance
Express Authority
Consideration
Implied Authority
39. A means whereby one party conveys rights to another person who is not a party to the original contract.
Felony
Special Endorsement
Draft
Assignment
40. A contract remedy by which the court requires the breaching party to perform the contract.
Bill of Sale
Booking
Counteroffer
Special Performance
41. The repudiation of - or election to avoid - a voidable contract.
Endorser
Disaffirmance
Ratification
Consignor
42. The person - company - or financial institution ordered to pay a draft.
Drawee
Creditor Beneficiary
Payee
Intangible Personal Property
43. 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)
Endorser
Promissory Estoppel
Assignee
44. A party who appoints a second party to serve as an agent.
Principal
Accord and Satisfaction
Drawee
Certified Check
45. Partner unknown to public with no part in management.
Existing Goods
Dormant or sleeping partner
Discovery
Silent Partner
46. A written request initiating a civil suit.
Answer
Booking
Complaint (petition)
Misrepresentation
47. Laws enacted by local municipalities.
Ordinances
Agent
Rescission
Unenforceable Contract
48. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Check
Tort
Answer
Beneficiary
49. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Sole proprietorship
Implied Warranties
Payee
50. An agreement between two or more competent persons which is enforceable by law.
Contract
Preferred Stock
Foreign Corporation
Revocation