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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. One to whom goods are shipped by common carrier.
Partnership
Consignee
Drawee
Negligence
2. Pretrial steps taken to learn the details of the case.
Intangible Personal Property
Property
Identified Goods
Discovery
3. One in possession of commercial paper.
Drawee
Sole proprietorship
Foreign Corporation
Holder
4. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Employer
Liquidated Damages
Law (Blackstone's Definition)
Cashier's Check
5. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Breach of Contract
Payee
Consignee
6. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Bailor
Revocation
Negotiable Instrument (Commercial Paper)
Formal Contract
7. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.
Discovery
Negligence
Partnership
Valid Contract
8. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Negotiation
Implied Contract
Appellate Court
Draft
9. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Assignee
Agent
Contract to Sell
Ordinances
10. The contract existing between the consignor (shipper) and the carrier.
Stare Decisis
Bill of Lading
Counteroffer
Shareholders (Stockholders)
11. A written request initiating a civil suit.
Injunction
Cashier's Check
Complaint (petition)
Warranties
12. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Third Party Beneficiary
Agent
Future Goods
Silent Partner
13. The signature or statement of purpose by the owner on the back of the instrument.
Promissory Note
Independent Contractor
Subchapter S Corporation
Endorsement
14. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Personal Property
Special Agent
Unenforceable Contract
Counteroffer
15. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Endorser
Negligence
Secret Partner
16. Laws dealing with crimes and the punishment of wrongdoers.
Negligence
Beneficiary
Misdemeanor
Criminal Law
17. Official document detailing a defendant's defense.
Bill of Sale
Unilateral Contract
Answer
Sole proprietorship
18. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Dormant or sleeping partner
Sole proprietorship
Voidable Contract
Sherman Antitrust Act
19. Courts that conduct the original trial and render their decision.
Capital Stock
Personal Property
Arraignment
Trial Courts
20. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Complaint (petition)
Agent
Voidable Contract
Revocation
21. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Void Contract
Express Contract
Bailment
Appellate Court
22. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Donee Beneficiary
Subchapter S Corporation
Limited Partner
23. The person to whom an offer is made.
Offeree
Subchapter S Corporation
Real Property
Consignor
24. A warranty imposed by law - arising automatically because the sale has been made.
Authority
Qualified Endorsement
Liquidated Damages
Implied Warranties
25. The person who executes any draft.
Agent
Restrictive Endorsement
Drawer
Void Contract
26. An agreement which is not in the form required by law.
Business Law
Negotiable Instrument (Commercial Paper)
Unenforceable Contract
Limited Partner
27. Those goods which are - at the time of the contract - in existence and owned by the seller.
Offeree
Existing Goods
Ratification
Discharge
28. 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.
Authority
Merchant
Punitive Damages
Revocation
29. A corporation formed to carry out government functions.
Public Corporation
Promoter
Voidable Contract
Endorsement
30. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Personal Property
Employer
Defendant
Contractual Capability
31. Movable tangible personal property.
Check
Goods
Ratification
Trial Courts
32. The party to whom any negotiable instrument is made payable.
Payee
Board of Directors
Bill of Lading
Business Law
33. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Assignment
Assignee
Unilateral Contract
34. The party making the assignment.
Booking
Agent
Assignor
Special Agent
35. Laws enacted by local municipalities.
Contract to Sell
Bearer
Ordinances
Certificate of Deposit
36. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Note
Defendant
Promissory Estoppel
Ordinances
37. The necessity that the parties desiring to enter into contracts meet all requirements.
Common Stock
Negligence
Undue Influence
Contractual Capability
38. Declared value of outstanding stock.
Discovery
Capital Stock
Assignment
Malpractice
39. An endorsement which prevents the use of the instrument for anything except the stated use.
Fiduciary
Restrictive Endorsement
Misrepresentation
Rescission
40. Confirming an act that was executed without authority or an act which was voidable.
Implied Warranties
Service Contracts
Ratification
Arraignment
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.
Employee
Malpractice
Promissory Note
Uniform Commercial Code
42. 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.
Employee
Unilateral Contract
Executed Contracts
Negotiation
43. A judicial order or decree forbidding the performance of a certain act.
Personal Property
Injunction
Third Party Beneficiary
Statute of Frauds
44. 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
Statutes
Service Contracts
Express Authority
45. That which the promisor demands and receives as the price for a promise.
Discharge
Special Agent
Undue Influence
Consideration
46. Customs that have become recognized by the courts as binding on the community.
Par-value Stock
Assignor
Petition (Complaint)
Common Law
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.
Revocation
Appellate Court
Void Contract
Commercial Paper (Negotiable Instrument)
48. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Law (Blackstone's Definition)
Assignee
Check
Business Law
49. A check drawn on a bank's own funds and signed by a responsible bank official.
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50. Charging a person with a crime and asking for that person's plea.
Misrepresentation
Order Paper
Arraignment
Express Warranty