SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 who executes a promissory note.
Subchapter S Corporation
Contract
Maker
Bearer
2. A party who appoints a second party to serve as an agent.
Law (Blackstone's Definition)
Statute of Frauds
Special Performance
Principal
3. The transfer of possession but not the title of personal property by one party to another - under agreement.
Sherman Antitrust Act
Complaint (petition)
Simple Contract
Bailment
4. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Donee Beneficiary
Bailment
Creditor Beneficiary
5. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
6. Having no words other than the signature of the endorser.
Blank Endorsement
Crime
Process (Summons)
Beneficiary
7. Court hearing cases appealed from lower courts.
Compensatory Damages
Appellate Court
Petition (Complaint)
General Agent
8. An expression of willingness to enter a contractual agreement.
Personal Property
Offer
Bearer Paper
Qualified Endorsement
9. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Appellate Court
Process (Summons)
Assignor
Beneficiary
10. 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.
Secret Partner
Employer
Judgment
Shareholders (Stockholders)
11. Those goods which are not in existence at the time a contract is agreed to.
Preferred Stock
Defendant
Acceptance
Future Goods
12. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Novation
Subchapter S Corporation
Corporation
13. A business owned by one person.
Cashier's Check
Negligence
Sole proprietorship
Capital Stock
14. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Qualified Endorsement
Statute of Limitations
Assignee
Duress
15. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Maker
Contract to Sell
Felony
Simple Contract
16. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Revocation
Necessaries (Necessities)
Bill of Lading
Assignment
17. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Employee
Law (Blackstone's Definition)
Misrepresentation
Preferred Stock
18. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Capital Stock
Assignee
Fraud
19. An award paid to the injured party to cover the exact amount of their loss - but no more.
Revocation
Certificate of Deposit
Compensatory Damages
Misdemeanor
20. 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.
Ordinances
Unenforceable Contract
Consignee
Malpractice
21. A written request initiating a civil suit.
Petition (Complaint)
Felony
Certificate of Deposit
Employee
22. A decision of a court.
Judgment
Simple Contract
Bailee
Employee
23. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Negligence
Stockholders (Shareholders)
Crime
24. Operates in the state that granted the charter.
Qualified Endorsement
Bailment
Domestic corporation
Blank Endorsement
25. Person who pretends to be a partner or permits others to represent him or her as a partner.
Bill of Lading
Novation
Common Law
Nominal Partner
26. The person to whom an offer is made.
Offeree
Existing Goods
Defendant
Bailment
27. 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.
Endorsement
Partnership
Creditor Beneficiary
Stockholders (Shareholders)
28. The contract existing between the consignor (shipper) and the carrier.
Statute of Frauds
Implied Authority
Bailment
Bill of Lading
29. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Stockholders (Shareholders)
Nominal Damages
Real Property
Answer
30. A contract which will be enforced by the court.
Unenforceable Contract
Nominal Damages
Valid Contract
Assignment
31. Person who writes his or her name on back of instrument.
Implied Authority
Assignor
Endorser
Limited Liability Corporation
32. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Domestic corporation
Alien corporation
Breach of Contract
Antitrust
33. A means whereby one party conveys rights to another person who is not a party to the original contract.
Nominal Partner
Assignment
Valid Contract
Minor
34. 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.
Trial Courts
Special Performance
Statute of Frauds
Merchant
35. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Personal Property
Statute of Frauds
Stare Decisis
Bailment
36. The party to whom the assignment is made.
Consignee
Trial Courts
Corporation
Assignee
37. Customs that have become recognized by the courts as binding on the community.
Express Warranty
General Partner
Common Law
Malpractice
38. An agreement of no legal effect.
Bill of Lading
Promoter
Drawer
Void Contract
39. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Ordinances
Contract to Sell
Undue Influence
Beneficiary
40. Laws which seek to promote competition among businesses.
Accord and Satisfaction
Liquidated Damages
Antitrust
Breach of Contract
41. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Promissory Estoppel
Crime
Duress
42. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Executory Contracts
Sale
Punitive Damages
Unilateral Contract
43. 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.
Summons (Process)
Bailor
Process (Summons)
Statutes
44. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Maker
Special Endorsement
Fraud
Liquidated Damages
45. The signature or statement of purpose by the owner on the back of the instrument.
Ratification
Sale
Assignee
Endorsement
46. Courts that conduct the original trial and render their decision.
Trial Courts
Qualified Endorsement
Business Law
Appellate Court
47. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Express Authority
Existing Goods
Promissory Estoppel
48. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Assignor
Stockholders (Shareholders)
Capital Stock
49. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Property
Promissory Estoppel
Merchant
50. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Void Contract
Acceptance
Warranties
Sole proprietorship