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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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.
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 agent's authority to do things not specifically authorized in order to carry out express authority.
Crime
Implied Authority
Counteroffer
Answer
2. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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3. An award paid to the injured party to cover the exact amount of their loss - but no more.
Independent Contractor
Qualified Endorsement
Compensatory Damages
Agent
4. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Statutes
Accord and Satisfaction
Antitrust
5. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Nominal Damages
Board of Directors
Voidable Contract
Donee Beneficiary
6. The person to whom an offer is made.
Offeree
Endorser
Authority
Misdemeanor
7. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Independent Contractor
Partnership
Private Corporation
Promissory Estoppel
8. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Maker
Personal Property
Felony
Contract to Sell
9. A person in possession of an instrument.
Public Corporation
Bearer
Petition (Complaint)
Process (Summons)
10. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Restrictive Endorsement
Uniform Commercial Code
Foreign Corporation
Express Authority
11. The person who executes any draft.
Drawer
Personal Property
Promoter
Ordinances
12. 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
Express Authority
Booking
Rescission
Consignee
13. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Uniform Commercial Code
Executed Contracts
Principal
Service Contracts
14. The person - company - or financial institution ordered to pay a draft.
Drawee
Felony
Counteroffer
Booking
15. A body of persons elected by the stockholders to define and establish corporate policy.
Judgment
Silent Partner
Board of Directors
Disaffirmance
16. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Drawee
Endorser
Goods
17. 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.
Certified Check
Implied Warranties
Judgment
Malpractice
18. The party to whom any negotiable instrument is made payable.
Discharge
Payee
Accord and Satisfaction
Qualified Endorsement
19. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Promissory Note
Real Property
Counteroffer
Consideration
20. 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
Assignor
Statute of Frauds
Donee Beneficiary
Independent Contractor
21. Having no words other than the signature of the endorser.
Contract to Sell
Contractual Capability
Nominal Damages
Blank Endorsement
22. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Statute of Limitations
Corporation
Goods
Necessaries (Necessities)
23. An agreement which is not in the form required by law.
Secret Partner
Unenforceable Contract
General Agent
Goods
24. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Bailment
Punitive Damages
Assignor
Liquidated Damages
25. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Close (closed - closely held) corporation
Corporation
Arrest
Endorsement
26. One who takes initial steps to form corporation.
Blank Endorsement
Subchapter S Corporation
Promoter
Negligence
27. 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.
Authority
Duress
Law (Blackstone's Definition)
Breach of Contract
28. Movable tangible personal property.
Goods
Tort
Real Property
Punitive Damages
29. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Holder
Special Agent
Breach of Contract
Tort
30. An agreement of no legal effect.
Foreign Corporation
Fraud
Law (Blackstone's Definition)
Void Contract
31. 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.
Treasury Stock
Employer
Executory Contracts
Offeror
32. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Revocation
Intangible Personal Property
Accord and Satisfaction
General Partner
33. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Domestic corporation
Formal Contract
Cashier's Check
34. Those contracts in which the terms have not been completely executed or fulfilled.
Check
Usurious
Corporation
Executory Contracts
35. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Offer
Drawee
Common Law
36. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Corporation
Negotiable Instrument (Commercial Paper)
Negotiation
37. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Consignee
Tort
Negotiable Instrument (Commercial Paper)
Misrepresentation
38. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Donee Beneficiary
Felony
Promissory Estoppel
Nominal Damages
39. The party to whom the assignment is made.
Appellate Court
Assignee
Subchapter S Corporation
Usurious
40. That which the promisor demands and receives as the price for a promise.
Consideration
Silent Partner
Usurious
Sale
41. The contracting of services rather than goods.
Service Contracts
Stare Decisis
Preferred Stock
Uniform Commercial Code
42. An endorsement which limits the liability of the endorser.
Bill of Sale
Order Paper
Compensatory Damages
Qualified Endorsement
43. An individual who takes no active part in the management of a business but has capital invested in the business.
Public Corporation
Silent Partner
General Partner
Assignor
44. 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.
Silent Partner
Trial Courts
Creditor Beneficiary
Counteroffer
45. Declared value of outstanding stock.
Capital Stock
Usurious
Consignor
Breach of Contract
46. The change of one of the parties to a contract at the mutual agreement of the original parties.
Compensatory Damages
Novation
Necessaries (Necessities)
Donee Beneficiary
47. The signature or statement of purpose by the owner on the back of the instrument.
Special Performance
Bailee
Endorsement
Alien corporation
48. A written request initiating a civil suit.
Special Agent
Contract to Sell
Judgment
Complaint (petition)
49. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Ratification
Existing Goods
Express Warranty
Uniform Commercial Code
50. A negotiable instrument containing a promise to pay.
Cashier's Check
Breach of Contract
Offer
Promissory Note
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