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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. 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
Bill of Lading
Warranties
Voidable Contract
2. 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.
Statute of Frauds
Acceptance
Unilateral Contract
General Agent
3. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Payee
Implied Contract
Limited Partner
4. 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
Certificate of Deposit
Misrepresentation
Discovery
5. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Negotiable Instrument (Commercial Paper)
Express Contract
Nominal Damages
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
Malpractice
Agent
Booking
Goods
7. An agreement between two or more competent persons which is enforceable by law.
Future Goods
Contract
Rescission
Drawer
8. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
General Agent
Cashier's Check
Assignment
9. Those goods which are not in existence at the time a contract is agreed to.
Disaffirmance
Future Goods
Unenforceable Contract
Third Party Beneficiary
10. Stock reacquired by a corporation.
Promoter
Existing Goods
Arraignment
Treasury Stock
11. Laws which are enacted by legislative bodies.
Usurious
Statutes
Negligence
Capital Stock
12. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Valid Contract
Business Law
Bearer Paper
Limited Partner
13. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Implied Authority
Cashier's Check
Minor
14. The party to whom the assignment is made.
Bailment
Necessaries (Necessities)
Assignee
Limited Liability Corporation
15. An agreement to an offer resulting in a contract.
Acceptance
Bailor
Draft
Identified Goods
16. The goods specified by the buyer and seller.
Identified Goods
Void Contract
Special Endorsement
Statutes
17. The person who executes any draft.
Statute of Frauds
Corporation
Drawer
Future Goods
18. One who ships goods by common carrier.
Special Performance
Consignor
Bill of Sale
Stockholders (Shareholders)
19. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Law (Blackstone's Definition)
Unenforceable Contract
Acceptance
20. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Express Contract
Negotiable Instrument (Commercial Paper)
Ratification
Necessaries (Necessities)
21. The transfer of possession but not the title of personal property by one party to another - under agreement.
Necessaries (Necessities)
Bailee
Bailment
Existing Goods
22. One that is incorporated in a foreign country.
Alien corporation
Defendant
Arraignment
Beneficiary
23. Stock with an assigned face vale.
Future Goods
Employee
Revocation
Par-value Stock
24. That which the promisor demands and receives as the price for a promise.
Sale
Qualified Endorsement
Consideration
Simple Contract
25. A document of conveyance that provides written evidence of one's title to tangible personal property.
Independent Contractor
Bill of Sale
Personal Property
Order Paper
26. An expression of willingness to enter a contractual agreement.
Bearer
Offer
Discovery
Donee Beneficiary
27. Partner unknown to public with no part in management.
Bill of Lading
Commercial Paper (Negotiable Instrument)
Dormant or sleeping partner
Contract to Sell
28. Charging a person with a crime and asking for that person's plea.
Express Warranty
Arraignment
Order Paper
Consignor
29. The change of one of the parties to a contract at the mutual agreement of the original parties.
Statute of Limitations
Stockholders (Shareholders)
Principal
Novation
30. The party making the assignment.
Blank Endorsement
Assignor
Donee Beneficiary
Bill of Sale
31. Courts that conduct the original trial and render their decision.
Appellate Court
Trial Courts
Public Corporation
Promissory Estoppel
32. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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33. Declared value of outstanding stock.
Bailee
Malpractice
Negligence
Capital Stock
34. 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.
Counteroffer
General Agent
Misdemeanor
Check
35. The repudiation of - or election to avoid - a voidable contract.
Sale
Business Law
Disaffirmance
Certificate of Deposit
36. The person to whom an offer is made.
Alien corporation
Novation
Offeree
Independent Contractor
37. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Capital Stock
Consignee
Voidable Contract
Uniform Commercial Code
38. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Subchapter S Corporation
Beneficiary
Complaint (petition)
Negotiable Instrument (Commercial Paper)
39. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Offeror
Contract to Sell
Void Contract
40. A warranty imposed by law - arising automatically because the sale has been made.
Implied Authority
Disaffirmance
Implied Warranties
Blank Endorsement
41. A person in possession of an instrument.
Bearer
Uniform Commercial Code
Special Agent
Voidable Contract
42. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Negotiable Instrument (Commercial Paper)
Express Warranty
Real Property
Offeree
43. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Draft
Common Law
Sale
44. Person not party to a contract - but whom parties intended to benefit.
Third Party Beneficiary
Arraignment
Liquidated Damages
Plaintiff
45. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Corporation
Novation
Service Contracts
46. A criminal offense that is punishable by confinement in prison or by death.
Felony
Formal Contract
Domestic corporation
Crime
47. An endorsement which designates the particular person to whom payment is to be made.
Consignee
Negotiation
Special Endorsement
Board of Directors
48. A business owned by one person.
Counteroffer
Antitrust
Fraud
Sole proprietorship
49. An agent's authority to do things not specifically authorized in order to carry out express authority.
Existing Goods
Implied Authority
Necessaries (Necessities)
Corporation
50. Canceling - annulling - avoiding.
Bailor
Order Paper
Rescission
Contract to Sell
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