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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 corporation formed by individuals to form some non-governmental function.
Punitive Damages
Private Corporation
Secret Partner
Par-value Stock
2. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Express Contract
Partnership
Offer
3. That which the promisor demands and receives as the price for a promise.
Consideration
Fiduciary
Intangible Personal Property
Bill of Lading
4. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Necessaries (Necessities)
Trial Courts
Special Agent
5. The transfer of possession but not the title of personal property by one party to another - under agreement.
Restrictive Endorsement
Bailment
Trial Courts
Commercial Paper (Negotiable Instrument)
6. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Express Warranty
Bearer Paper
Tort
Board of Directors
7. Laws enacted by local municipalities.
Negotiation
Partnership
Blank Endorsement
Ordinances
8. Land and those objects permanently attached to land. Rejection refusal to accept.
Bearer
Real Property
Implied Warranties
Bailor
9. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Authority
Employee
Implied Warranties
Foreign Corporation
10. Partner unknown to public with no part in management.
Merchant
Limited Liability Corporation
Dormant or sleeping partner
Domestic corporation
11. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Discharge
Misrepresentation
Limited Partner
Certificate of Deposit
12. The contract existing between the consignor (shipper) and the carrier.
Felony
Bill of Lading
Express Authority
Common Law
13. The party to whom any negotiable instrument is made payable.
Process (Summons)
Contractual Capability
Payee
Malpractice
14. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Creditor Beneficiary
Corporation
Petition (Complaint)
Employer
15. 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.
Assignment
Duress
Beneficiary
Employee
16. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Trial Courts
Defendant
Necessaries (Necessities)
17. A business owned by one person.
Maker
Sole proprietorship
Law (Blackstone's Definition)
Bailment
18. 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.
Contractual Capability
Identified Goods
Process (Summons)
Holder
19. The signature or statement of purpose by the owner on the back of the instrument.
Duress
Ratification
Endorsement
Formal Contract
20. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Warranties
Certificate of Deposit
Implied Authority
21. That consideration stipulated by contract - generally expressed in money or money's worth.
Sherman Antitrust Act
Arrest
Answer
Price
22. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Arraignment
Endorser
Revocation
Contract to Sell
23. 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.
Treasury Stock
Real Property
Foreign Corporation
Summons (Process)
24. 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
Fraud
Felony
Stare Decisis
25. 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.
Duress
Ordinances
Commercial Paper (Negotiable Instrument)
Complaint (petition)
26. An agreement to an offer resulting in a contract.
Executed Contracts
General Agent
Acceptance
Misdemeanor
27. A contract which will be enforced by the court.
Maker
Valid Contract
Bailor
Uniform Commercial Code
28. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Cashier's Check
Treasury Stock
Dormant or sleeping partner
29. An agreement of no legal effect.
Void Contract
Defendant
Private Corporation
Bill of Lading
30. Anything that may be owned.
Formal Contract
Service Contracts
Property
Holder
31. A criminal offense which is neither treason nor a felony.
Employee
Service Contracts
Misdemeanor
Breach of Contract
32. The party making the assignment.
Nominal Damages
Maker
Felony
Assignor
33. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Common Law
Alien corporation
Public Corporation
34. A document of conveyance that provides written evidence of one's title to tangible personal property.
Limited Partner
Formal Contract
Bill of Sale
Negotiable Instrument (Commercial Paper)
35. Stock reacquired by a corporation.
Par-value Stock
Void Contract
Treasury Stock
Third Party Beneficiary
36. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Bailment
Fiduciary
Blank Endorsement
Judgment
37. An award paid to the injured party to cover the exact amount of their loss - but no more.
Bailee
Intangible Personal Property
Compensatory Damages
Undue Influence
38. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Close (closed - closely held) corporation
Property
Shareholders (Stockholders)
Appellate Court
39. Stock that entitles owner vote.
Common Stock
Law (Blackstone's Definition)
Assignor
Judgment
40. Charging a person with a crime and asking for that person's plea.
Foreign Corporation
Implied Warranties
Authority
Arraignment
41. An agreement between two or more competent persons which is enforceable by law.
Statute of Frauds
Defendant
Sherman Antitrust Act
Contract
42. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Injunction
Beneficiary
Principal
43. The person who executes a promissory note.
Nominal Damages
Offeror
Maker
Sole proprietorship
44. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
General Partner
Booking
Discharge
Personal Property
45. A decision of a court.
Bill of Lading
Judgment
Implied Warranties
Negligence
46. One to whom goods are shipped by common carrier.
Qualified Endorsement
Ordinances
Consignee
Offeror
47. 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.
Property
Sherman Antitrust Act
Accord and Satisfaction
Malpractice
48. 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
Plaintiff
Consideration
Felony
49. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Future Goods
Partnership
Revocation
Offer
50. The person against whom legal action is brought. 1
Defendant
Implied Authority
Valid Contract
Consideration