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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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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. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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2. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Authority
Foreign Corporation
Bearer
General Partner
3. To take into police custody.
Arrest
Drawer
Promissory Note
Sherman Antitrust Act
4. Laws which are enacted by legislative bodies.
Bearer
Statutes
Sole proprietorship
Par-value Stock
5. A means whereby one party conveys rights to another person who is not a party to the original contract.
Bailee
Merchant
Special Agent
Assignment
6. Person who writes his or her name on back of instrument.
Domestic corporation
Criminal Law
Appellate Court
Endorser
7. Those goods which are not in existence at the time a contract is agreed to.
Statute of Limitations
Undue Influence
Executory Contracts
Future Goods
8. A criminal offense which is neither treason nor a felony.
Statute of Limitations
Misdemeanor
Merchant
Existing Goods
9. The person - company - or financial institution ordered to pay a draft.
Drawee
Express Contract
Cashier's Check
Unenforceable Contract
10. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Assignor
Beneficiary
Merchant
Bearer Paper
11. The goods specified by the buyer and seller.
Arraignment
Consignee
Identified Goods
Misdemeanor
12. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.
Common Law
Voidable Contract
Employee
Contract
13. An endorsement which designates the particular person to whom payment is to be made.
Foreign Corporation
Employee
Special Endorsement
Existing Goods
14. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Statute of Frauds
Promissory Note
Public Corporation
Offeree
15. The repudiation of - or election to avoid - a voidable contract.
Agent
Third Party Beneficiary
Disaffirmance
Valid Contract
16. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Booking
Negotiable Instrument (Commercial Paper)
Beneficiary
Qualified Endorsement
17. Courts that conduct the original trial and render their decision.
Price
Special Agent
Negligence
Trial Courts
18. Charging a person with a crime and asking for that person's plea.
Process (Summons)
Arraignment
Unenforceable Contract
Malpractice
19. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Process (Summons)
Goods
Board of Directors
20. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Negotiation
Maker
Assignor
21. A document of conveyance that provides written evidence of one's title to tangible personal property.
Tort
Bill of Sale
Goods
Special Endorsement
22. A judicial order or decree forbidding the performance of a certain act.
Duress
Implied Contract
Promissory Estoppel
Injunction
23. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Consideration
Acceptance
Necessaries (Necessities)
Authority
24. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Sale
Defendant
Goods
25. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Sherman Antitrust Act
Assignee
Consignee
26. Exceeding the maximum rate of interest which may be charged on loans.
Undue Influence
Contractual Capability
Certified Check
Usurious
27. The change of one of the parties to a contract at the mutual agreement of the original parties.
Common Law
Bailee
Novation
Malpractice
28. An endorsement which prevents the use of the instrument for anything except the stated use.
Statute of Frauds
Qualified Endorsement
Uniform Commercial Code
Restrictive Endorsement
29. Person who pretends to be a partner or permits others to represent him or her as a partner.
Real Property
Existing Goods
Valid Contract
Nominal Partner
30. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Authority
Fraud
Consideration
Defendant
31. An agreement which is not in the form required by law.
Unenforceable Contract
Alien corporation
Bearer
Implied Contract
32. Having no words other than the signature of the endorser.
Valid Contract
Property
Sole proprietorship
Blank Endorsement
33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Misrepresentation
Special Agent
Promissory Estoppel
34. Declared value of outstanding stock.
Process (Summons)
Nominal Damages
Goods
Capital Stock
35. An agent's authority to do things not specifically authorized in order to carry out express authority.
Rescission
Bailee
Implied Authority
Counteroffer
36. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Implied Warranties
Nominal Damages
Payee
Valid Contract
37. The contracting of services rather than goods.
Service Contracts
Judgment
Warranties
Undue Influence
38. 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
Independent Contractor
Check
Limited Liability Corporation
Secret Partner
39. A check drawn on a bank's own funds and signed by a responsible bank official.
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40. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Warranties
Limited Liability Corporation
Future Goods
Criminal Law
41. One who takes initial steps to form corporation.
Secret Partner
Foreign Corporation
Nominal Damages
Promoter
42. Those contracts that must be in special form or produced in a certain way - such as under seal.
Stockholders (Shareholders)
Bailment
Formal Contract
Bearer
43. A law that restricts the period of time within which an action may be brought to court.
Consignee
Uniform Commercial Code
Statute of Limitations
Discovery
44. An expression of willingness to enter a contractual agreement.
Offer
Special Agent
Bailment
Valid Contract
45. A commercial paper payable to bearer; i.e. to the person having possession of such.
Appellate Court
Acceptance
Beneficiary
Bearer Paper
46. A corporation formed by individuals to form some non-governmental function.
Injunction
Private Corporation
Sole proprietorship
Price
47. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Commercial Paper (Negotiable Instrument)
Close (closed - closely held) corporation
Service Contracts
48. 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.
Goods
Board of Directors
Corporation
Subchapter S Corporation
49. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Principal
Unilateral Contract
Fraud
Misdemeanor
50. An agreement between two or more competent persons which is enforceable by law.
Dormant or sleeping partner
Public Corporation
Nominal Partner
Contract
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