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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 goods specified by the buyer and seller.
Public Corporation
Identified Goods
Ordinances
Liquidated Damages
2. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Unenforceable Contract
Consideration
Certified Check
3. Operates in the state that granted the charter.
Domestic corporation
Consignee
Negotiable Instrument (Commercial Paper)
Authority
4. An offense which is injurious to society as a whole.
Crime
Nominal Partner
Payee
Simple Contract
5. A negotiable instrument containing a promise to pay.
Promissory Note
Domestic corporation
Discovery
Limited Partner
6. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Cashier's Check
Fraud
Offeror
Consignee
7. An agreement which is not in the form required by law.
Qualified Endorsement
Judgment
Special Endorsement
Unenforceable Contract
8. A contract remedy by which the court requires the breaching party to perform the contract.
Blank Endorsement
Check
Antitrust
Special Performance
9. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the
Bearer
Accord and Satisfaction
Special Performance
Independent Contractor
10. Customs that have become recognized by the courts as binding on the community.
Ratification
Ordinances
Express Contract
Common Law
11. Stock with an assigned face vale.
Par-value Stock
Bailment
Tort
Implied Contract
12. A check drawn on a bank's own funds and signed by a responsible bank official.
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13. 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.
Alien corporation
Duress
Executed Contracts
Implied Contract
14. The person to whom an offer is made.
Express Warranty
Negotiable Instrument (Commercial Paper)
Offeree
Intangible Personal Property
15. Pretrial steps taken to learn the details of the case.
Capital Stock
Contract
Shareholders (Stockholders)
Discovery
16. An agreement between two or more competent persons which is enforceable by law.
Goods
Statute of Frauds
Contract
Public Corporation
17. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Capital Stock
Alien corporation
Limited Liability Corporation
Blank Endorsement
18. A corporation formed to carry out government functions.
Public Corporation
General Agent
Liquidated Damages
Voidable Contract
19. 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.
Arrest
Negligence
Statute of Frauds
Petition (Complaint)
20. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Petition (Complaint)
Authority
Employee
21. Stock that entitles owner vote.
Merchant
Consignee
Order Paper
Common Stock
22. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Draft
Express Contract
Felony
Negotiable Instrument (Commercial Paper)
23. Court hearing cases appealed from lower courts.
Offer
Assignment
Corporation
Appellate Court
24. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Secret Partner
Statute of Limitations
Bailee
Revocation
25. The authority of an agent - stated in the document or agreement creating the agency.
Fraud
Assignment
Simple Contract
Express Authority
26. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Stare Decisis
Express Warranty
Employee
Cashier's Check
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.
Foreign Corporation
Personal Property
Partnership
Counteroffer
28. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Authority
Agent
Malpractice
Drawee
29. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Creditor Beneficiary
Order Paper
Capital Stock
Statute of Limitations
30. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Authority
Bailor
Voidable Contract
Sale
31. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Certified Check
Special Agent
Offer
32. One that is incorporated in a foreign country.
Alien corporation
Preferred Stock
Negligence
Public Corporation
33. An expression of willingness to enter a contractual agreement.
Subchapter S Corporation
Offeror
Shareholders (Stockholders)
Offer
34. Confirming an act that was executed without authority or an act which was voidable.
Personal Property
Employee
Arrest
Ratification
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.
Stare Decisis
Summons (Process)
Punitive Damages
Ordinances
36. Declared value of outstanding stock.
Capital Stock
Warranties
Petition (Complaint)
Independent Contractor
37. Any contract other than a formal contract - whether written - oral or implied.
Consignor
Simple Contract
Express Contract
Nominal Partner
38. Stock reacquired by a corporation.
Employee
Arraignment
Certificate of Deposit
Treasury Stock
39. One who ships goods by common carrier.
Agent
Sherman Antitrust Act
Consignor
Merchant
40. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Preferred Stock
Sherman Antitrust Act
Tort
Statutes
41. The individual who initiates a civil action.
Principal
Plaintiff
Crime
Consignee
42. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Common Law
Public Corporation
Revocation
43. The contracting of services rather than goods.
Bailment
Service Contracts
Liquidated Damages
Subchapter S Corporation
44. That which the promisor demands and receives as the price for a promise.
Consideration
Merchant
Donee Beneficiary
Offeree
45. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Law (Blackstone's Definition)
Special Agent
Liquidated Damages
Shareholders (Stockholders)
46. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Compensatory Damages
Minor
Draft
Beneficiary
47. Movable tangible personal property.
Breach of Contract
Counteroffer
Duress
Goods
48. The party who acquires possession but not the title of personal property in a bailment.
Payee
Liquidated Damages
Bailee
Restrictive Endorsement
49. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bailor
Common Stock
Bill of Sale
Assignee
50. An agreement of no legal effect.
Usurious
Discharge
Void Contract
Express Authority