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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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.
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. Courts that conduct the original trial and render their decision.
Trial Courts
Tort
Identified Goods
Express Contract
2. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Tort
Creditor Beneficiary
Foreign Corporation
Bearer Paper
3. An agreement between two or more competent persons which is enforceable by law.
Payee
Donee Beneficiary
Personal Property
Contract
4. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Agent
Negligence
Implied Warranties
Business Law
5. 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.
Usurious
Assignor
Fraud
Check
6. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Bearer
Common Stock
Felony
7. One in possession of commercial paper.
Express Authority
Holder
Blank Endorsement
Stockholders (Shareholders)
8. Customs that have become recognized by the courts as binding on the community.
Common Law
Antitrust
Bill of Sale
Malpractice
9. 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
Express Warranty
Implied Contract
Executed Contracts
Booking
10. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Statute of Limitations
Liquidated Damages
Warranties
Contract to Sell
11. A decision of a court.
Nominal Damages
Future Goods
Booking
Judgment
12. All property which is not real property.
Personal Property
Uniform Commercial Code
Contract to Sell
Statute of Frauds
13. The contracting of services rather than goods.
Service Contracts
Assignment
Warranties
Assignor
14. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Consignor
Negotiation
Stare Decisis
Limited Partner
15. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Personal Property
Express Contract
Implied Contract
Injunction
16. A negotiable instrument containing a promise to pay.
Promissory Note
Silent Partner
Fiduciary
Public Corporation
17. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Special Endorsement
Acceptance
Order Paper
18. 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
Duress
Bearer
Treasury Stock
19. Anything that may be owned.
Property
Special Agent
Counteroffer
Tort
20. To take into police custody.
Answer
Arrest
Express Warranty
Existing Goods
21. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Acceptance
Unilateral Contract
Discovery
Assignee
22. Person who writes his or her name on back of instrument.
Executory Contracts
Rescission
Endorser
Treasury Stock
23. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Valid Contract
Intangible Personal Property
Executed Contracts
Express Contract
24. Exceeding the maximum rate of interest which may be charged on loans.
Par-value Stock
Valid Contract
Authority
Usurious
25. One to whom goods are shipped by common carrier.
Agent
Duress
Injunction
Consignee
26. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Negotiation
Executed Contracts
Par-value Stock
Authority
27. Charging a person with a crime and asking for that person's plea.
Valid Contract
Warranties
Contractual Capability
Arraignment
28. Power to act for someone else.
Voidable Contract
Commercial Paper (Negotiable Instrument)
Authority
Injunction
29. The necessity that the parties desiring to enter into contracts meet all requirements.
Bailor
Contractual Capability
Bearer Paper
Partnership
30. A corporation formed by individuals to form some non-governmental function.
Existing Goods
Rescission
Private Corporation
Express Warranty
31. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Shareholders (Stockholders)
Common Stock
Intangible Personal Property
32. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Malpractice
Bailor
Minor
Promissory Estoppel
33. Stock that entitles owner vote.
Special Endorsement
Creditor Beneficiary
Common Stock
Consignee
34. 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.
Offeree
Undue Influence
Goods
Merchant
35. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Express Warranty
Limited Liability Corporation
Offer
36. A document of conveyance that provides written evidence of one's title to tangible personal property.
Treasury Stock
Bill of Sale
Subchapter S Corporation
Crime
37. Stock reacquired by a corporation.
Summons (Process)
Treasury Stock
Discharge
Domestic corporation
38. Laws which seek to promote competition among businesses.
Offeree
Sherman Antitrust Act
Limited Partner
Antitrust
39. A body of persons elected by the stockholders to define and establish corporate policy.
Silent Partner
Board of Directors
Complaint (petition)
Novation
40. 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.
Stare Decisis
Domestic corporation
Promissory Note
Subchapter S Corporation
41. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Valid Contract
Limited Liability Corporation
Corporation
42. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Par-value Stock
General Agent
Defendant
Certificate of Deposit
43. 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.
Injunction
Employer
Capital Stock
Revocation
44. The party who initiates - or makes - an offer.
Injunction
Consignor
Draft
Offeror
45. The party making the assignment.
Malpractice
Assignor
Identified Goods
Implied Warranties
46. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Judgment
Personal Property
Summons (Process)
47. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Real Property
Creditor Beneficiary
Process (Summons)
Discharge
48. A person in possession of an instrument.
Silent Partner
Process (Summons)
Bearer
Independent Contractor
49. Person who pretends to be a partner or permits others to represent him or her as a partner.
Criminal Law
Void Contract
Booking
Nominal Partner
50. The transfer of possession but not the title of personal property by one party to another - under agreement.
Assignment
Bailment
Intangible Personal Property
Capital Stock
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