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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 written request initiating a civil suit.
Foreign Corporation
Employee
Cashier's Check
Complaint (petition)
2. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Rescission
Preferred Stock
Blank Endorsement
Executed Contracts
3. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Contract
Breach of Contract
Accord and Satisfaction
Restrictive Endorsement
4. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Domestic corporation
Order Paper
Necessaries (Necessities)
Void Contract
5. Having no words other than the signature of the endorser.
Blank Endorsement
Bearer
Corporation
Future Goods
6. A check for which the bank assures that the drawer has sufficient funds to make payment.
Contractual Capability
Limited Liability Corporation
Corporation
Certified Check
7. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Arrest
Promissory Estoppel
Implied Warranties
Domestic corporation
8. An endorsement which limits the liability of the endorser.
Nominal Partner
Qualified Endorsement
Bill of Sale
Contract to Sell
9. One in possession of commercial paper.
Negligence
Holder
Future Goods
Business Law
10. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Corporation
Assignor
Private Corporation
11. 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.
Certificate of Deposit
Sale
Employee
Counteroffer
12. Stock with an assigned face vale.
Holder
Partnership
Par-value Stock
Undue Influence
13. That consideration stipulated by contract - generally expressed in money or money's worth.
Employee
Restrictive Endorsement
Accord and Satisfaction
Price
14. Anything that may be owned.
Qualified Endorsement
Close (closed - closely held) corporation
Property
Promissory Estoppel
15. The party who gives up possession - but not title - of property in a bailment.
Negotiation
Negotiable Instrument (Commercial Paper)
Bailor
Stockholders (Shareholders)
16. A document of conveyance that provides written evidence of one's title to tangible personal property.
Unenforceable Contract
Drawer
Bill of Sale
Third Party Beneficiary
17. One who ships goods by common carrier.
Negotiation
Consignor
Partnership
Fiduciary
18. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Dormant or sleeping partner
Business Law
Uniform Commercial Code
Real Property
19. The act of transferring ownership of a negotiable instrument to another party.
Fraud
Identified Goods
Negotiation
Par-value Stock
20. The contract existing between the consignor (shipper) and the carrier.
Necessaries (Necessities)
Bill of Lading
Tort
Sale
21. Person who writes his or her name on back of instrument.
Liquidated Damages
Consideration
Certificate of Deposit
Endorser
22. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Felony
Sale
Offer
Law (Blackstone's Definition)
23. A corporation formed to carry out government functions.
Statute of Limitations
Ordinances
Express Warranty
Public Corporation
24. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Offeror
Beneficiary
Liquidated Damages
Limited Liability Corporation
25. 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.
Contract to Sell
Creditor Beneficiary
Unenforceable Contract
Novation
26. Customs that have become recognized by the courts as binding on the community.
Appellate Court
Holder
Certified Check
Common Law
27. An award paid to the injured party to cover the exact amount of their loss - but no more.
Private Corporation
Silent Partner
Compensatory Damages
Employee
28. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Implied Contract
Beneficiary
Bearer Paper
Special Agent
29. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Contract
Bailor
Assignee
Discharge
30. 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.
Check
General Agent
Independent Contractor
Judgment
31. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Independent Contractor
Trial Courts
Malpractice
32. An agreement between two or more competent persons which is enforceable by law.
Special Endorsement
Contract
Promoter
Limited Liability Corporation
33. 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.
Payee
Fiduciary
Limited Liability Corporation
Summons (Process)
34. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Voidable Contract
Misdemeanor
Petition (Complaint)
Negotiable Instrument (Commercial Paper)
35. Movable tangible personal property.
Partnership
Foreign Corporation
Goods
Promissory Note
36. A law that restricts the period of time within which an action may be brought to court.
Discharge
Injunction
Statute of Limitations
Holder
37. Laws which are enacted by legislative bodies.
Statutes
Express Authority
Existing Goods
Necessaries (Necessities)
38. A contract which will be enforced by the court.
Existing Goods
Negotiable Instrument (Commercial Paper)
Valid Contract
Contract
39. Laws dealing with crimes and the punishment of wrongdoers.
Public Corporation
Criminal Law
General Partner
Promoter
40. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Common Stock
Private Corporation
Acceptance
Merchant
41. The person - company - or financial institution ordered to pay a draft.
Liquidated Damages
Drawee
Punitive Damages
Statute of Frauds
42. Official document detailing a defendant's defense.
Limited Liability Corporation
Law (Blackstone's Definition)
Special Endorsement
Answer
43. A written request initiating a civil suit.
Petition (Complaint)
Felony
Endorsement
Existing Goods
44. One authorized by the principal to execute specific acts.
Felony
Par-value Stock
Special Agent
Process (Summons)
45. 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.
Process (Summons)
Certified Check
Capital Stock
Blank Endorsement
46. An individual who takes no active part in the management of a business but has capital invested in the business.
Creditor Beneficiary
Counteroffer
Silent Partner
Certificate of Deposit
47. 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.
Existing Goods
Counteroffer
Bailment
Commercial Paper (Negotiable Instrument)
48. The party who acquires possession but not the title of personal property in a bailment.
Void Contract
Misdemeanor
Bailee
Compensatory Damages
49. The person against whom legal action is brought. 1
Defendant
Antitrust
Price
Counteroffer
50. A negotiable instrument containing a promise to pay.
Creditor Beneficiary
Crime
Promissory Note
Booking