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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 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.
Executory Contracts
Beneficiary
Employee
Implied Authority
2. 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.
Counteroffer
Acceptance
Real Property
Summons (Process)
3. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Employee
Petition (Complaint)
Negotiation
4. Person who writes his or her name on back of instrument.
Trial Courts
Contractual Capability
Endorser
Intangible Personal Property
5. A contract remedy by which the court requires the breaching party to perform the contract.
Assignment
Shareholders (Stockholders)
Answer
Special Performance
6. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Duress
Limited Partner
Simple Contract
7. Stock that entitles owner vote.
Promissory Note
Subchapter S Corporation
Common Stock
Trial Courts
8. An agreement between two or more competent persons which is enforceable by law.
Contract
Restrictive Endorsement
Executory Contracts
Counteroffer
9. A check drawn on a bank's own funds and signed by a responsible bank official.
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10. Laws enacted by local municipalities.
Usurious
Revocation
Ordinances
Private Corporation
11. 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
Negligence
Real Property
Independent Contractor
12. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Creditor Beneficiary
Endorser
Property
13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Negotiable Instrument (Commercial Paper)
Sherman Antitrust Act
Consideration
Unilateral Contract
14. Court hearing cases appealed from lower courts.
Bill of Sale
Punitive Damages
Assignor
Appellate Court
15. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Special Endorsement
General Agent
Necessaries (Necessities)
Punitive Damages
16. A law that restricts the period of time within which an action may be brought to court.
Order Paper
Consideration
Assignee
Statute of Limitations
17. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Unilateral Contract
Future Goods
Malpractice
18. Partner active in a business unknown to the public.
General Partner
Consideration
Uniform Commercial Code
Secret Partner
19. Exceeding the maximum rate of interest which may be charged on loans.
Commercial Paper (Negotiable Instrument)
Employer
Usurious
Offer
20. An agreement of no legal effect.
Accord and Satisfaction
Foreign Corporation
Void Contract
Implied Warranties
21. A party who appoints a second party to serve as an agent.
Endorsement
Bearer Paper
Principal
Drawer
22. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Assignor
Revocation
Contractual Capability
Ordinances
23. Person who pretends to be a partner or permits others to represent him or her as a partner.
Void Contract
Arrest
Nominal Partner
Answer
24. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Special Performance
Promissory Note
Negotiable Instrument (Commercial Paper)
25. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Intangible Personal Property
Silent Partner
Offer
26. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Defendant
Cashier's Check
Foreign Corporation
Counteroffer
27. 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.
Creditor Beneficiary
Service Contracts
Assignment
Real Property
28. A commercial paper payable to bearer; i.e. to the person having possession of such.
Warranties
Existing Goods
Bill of Lading
Bearer Paper
29. A means whereby one party conveys rights to another person who is not a party to the original contract.
Promissory Estoppel
Tort
Assignment
Business Law
30. Declared value of outstanding stock.
Criminal Law
Bearer
Capital Stock
Check
31. To take into police custody.
Rescission
Future Goods
Arrest
Stare Decisis
32. Laws dealing with crimes and the punishment of wrongdoers.
Express Contract
Ratification
Criminal Law
Bill of Lading
33. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Sherman Antitrust Act
Consideration
Principal
34. 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
Booking
Drawer
Public Corporation
Service Contracts
35. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Novation
Personal Property
Void Contract
36. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Assignor
Simple Contract
Express Authority
37. An endorsement which designates the particular person to whom payment is to be made.
Formal Contract
Special Endorsement
Discovery
Contract to Sell
38. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Payee
Endorsement
Fiduciary
Ordinances
39. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Unilateral Contract
Donee Beneficiary
Shareholders (Stockholders)
Plaintiff
40. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Bailment
Void Contract
Nominal Damages
41. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Commercial Paper (Negotiable Instrument)
Breach of Contract
Rescission
Employer
42. A body of persons elected by the stockholders to define and establish corporate policy.
Implied Authority
Board of Directors
Beneficiary
Sherman Antitrust Act
43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Offeror
Contract
Drawer
44. An agent's authority to do things not specifically authorized in order to carry out express authority.
Answer
Implied Authority
Endorser
Bearer Paper
45. An endorsement which prevents the use of the instrument for anything except the stated use.
Authority
Promissory Estoppel
Ratification
Restrictive Endorsement
46. A contract which will be enforced by the court.
Compensatory Damages
Negligence
Merchant
Valid Contract
47. Stock reacquired by a corporation.
Treasury Stock
Arraignment
Commercial Paper (Negotiable Instrument)
Minor
48. The party who gives up possession - but not title - of property in a bailment.
Bailor
Malpractice
Consignor
Holder
49. 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.
General Agent
Appellate Court
Payee
Employer
50. 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.
Arrest
Price
Process (Summons)
Silent Partner