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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. The individual who initiates a civil action.
Independent Contractor
Punitive Damages
Plaintiff
Complaint (petition)
2. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Negotiable Instrument (Commercial Paper)
Undue Influence
Assignor
Bearer Paper
3. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Implied Authority
Assignee
Public Corporation
Discharge
4. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Valid Contract
Voidable Contract
Silent Partner
5. The transfer of possession but not the title of personal property by one party to another - under agreement.
Law (Blackstone's Definition)
Liquidated Damages
Implied Authority
Bailment
6. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Assignment
Liquidated Damages
Order Paper
Judgment
7. The person who executes any draft.
Drawer
Breach of Contract
Bill of Sale
Minor
8. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Corporation
Law (Blackstone's Definition)
Warranties
Capital Stock
9. The person who executes a promissory note.
Identified Goods
Preferred Stock
Negotiable Instrument (Commercial Paper)
Maker
10. A criminal offense which is neither treason nor a felony.
Misdemeanor
Subchapter S Corporation
Price
Limited Partner
11. Anything that may be owned.
Statute of Frauds
Accord and Satisfaction
Property
Necessaries (Necessities)
12. An endorsement which prevents the use of the instrument for anything except the stated use.
Misdemeanor
Restrictive Endorsement
Valid Contract
Silent Partner
13. Stock with an assigned face vale.
Treasury Stock
Bailment
Par-value Stock
Voidable Contract
14. Stating an untrue fact.
Misrepresentation
Law (Blackstone's Definition)
Answer
Business Law
15. Laws which seek to promote competition among businesses.
Antitrust
Intangible Personal Property
Trial Courts
Discharge
16. Stock that entitles owner vote.
Cashier's Check
Merchant
Common Stock
Petition (Complaint)
17. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Capital Stock
Limited Liability Corporation
Void Contract
Sole proprietorship
18. 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.
Ordinances
General Agent
Injunction
Commercial Paper (Negotiable Instrument)
19. Land and those objects permanently attached to land. Rejection refusal to accept.
Preferred Stock
Partnership
Fraud
Real Property
20. A judicial order or decree forbidding the performance of a certain act.
Discharge
Commercial Paper (Negotiable Instrument)
Injunction
Usurious
21. A document of conveyance that provides written evidence of one's title to tangible personal property.
Unilateral Contract
Bill of Sale
Criminal Law
Personal Property
22. Having no words other than the signature of the endorser.
Close (closed - closely held) corporation
Blank Endorsement
Public Corporation
Corporation
23. The person - company - or financial institution ordered to pay a draft.
Sole proprietorship
Unenforceable Contract
Plaintiff
Drawee
24. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Nominal Partner
Sale
Formal Contract
Tort
25. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Sherman Antitrust Act
Dormant or sleeping partner
Express Contract
Necessaries (Necessities)
26. The act of transferring ownership of a negotiable instrument to another party.
Law (Blackstone's Definition)
Negotiation
Alien corporation
Process (Summons)
27. A means whereby one party conveys rights to another person who is not a party to the original contract.
Nominal Partner
Assignment
Rescission
Consideration
28. The repudiation of - or election to avoid - a voidable contract.
Independent Contractor
Disaffirmance
Negotiable Instrument (Commercial Paper)
Order Paper
29. 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
Offeree
Independent Contractor
Certified Check
Implied Warranties
30. A check drawn on a bank's own funds and signed by a responsible bank official.
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31. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Revocation
Capital Stock
Duress
32. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Order Paper
Foreign Corporation
Corporation
Implied Warranties
33. An individual who takes no active part in the management of a business but has capital invested in the business.
Antitrust
Future Goods
Check
Silent Partner
34. Partner unknown to public with no part in management.
Future Goods
Arrest
Third Party Beneficiary
Dormant or sleeping partner
35. One that is incorporated in a foreign country.
Special Performance
Express Authority
Creditor Beneficiary
Alien corporation
36. The party who initiates - or makes - an offer.
Statute of Limitations
Executory Contracts
Offeror
Crime
37. Declared value of outstanding stock.
Accord and Satisfaction
Treasury Stock
Capital Stock
Negligence
38. The party who acquires possession but not the title of personal property in a bailment.
Principal
Bailee
Petition (Complaint)
Endorsement
39. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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40. One who ships goods by common carrier.
Negligence
Plaintiff
Consignor
Ratification
41. 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.
Close (closed - closely held) corporation
Arraignment
Defendant
Malpractice
42. An agreement to an offer resulting in a contract.
Contract
Acceptance
Bailment
Warranties
43. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Punitive Damages
Warranties
Principal
44. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Treasury Stock
Voidable Contract
Express Warranty
Negligence
45. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Summons (Process)
Consignee
Misrepresentation
46. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Silent Partner
Implied Contract
Petition (Complaint)
Bearer Paper
47. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Stare Decisis
Board of Directors
Consignee
48. Customs that have become recognized by the courts as binding on the community.
Donee Beneficiary
Special Endorsement
Stockholders (Shareholders)
Common Law
49. Canceling - annulling - avoiding.
Express Authority
Rescission
Offer
Sherman Antitrust Act
50. A body of persons elected by the stockholders to define and establish corporate policy.
Commercial Paper (Negotiable Instrument)
Board of Directors
Discharge
Goods