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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. All property which is not real property.
Implied Contract
Special Performance
Personal Property
Goods
2. Person who pretends to be a partner or permits others to represent him or her as a partner.
Sole proprietorship
Employee
Nominal Partner
Necessaries (Necessities)
3. A negotiable instrument containing a promise to pay.
Certified Check
Promissory Note
Unilateral Contract
Bailment
4. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Plaintiff
Secret Partner
Arraignment
5. The party to whom any negotiable instrument is made payable.
Foreign Corporation
Principal
Payee
Ratification
6. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Certified Check
Contract to Sell
Minor
Par-value Stock
7. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Injunction
Sherman Antitrust Act
Employee
Blank Endorsement
8. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Sherman Antitrust Act
Bill of Sale
Independent Contractor
Stockholders (Shareholders)
9. 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
Assignee
Negligence
Arraignment
Beneficiary
10. Pretrial steps taken to learn the details of the case.
Simple Contract
General Agent
Special Performance
Discovery
11. Laws which are enacted by legislative bodies.
Express Warranty
Public Corporation
Statutes
Business Law
12. Court hearing cases appealed from lower courts.
Preferred Stock
Appellate Court
Express Warranty
Promissory Estoppel
13. Those contracts that must be in special form or produced in a certain way - such as under seal.
Negotiable Instrument (Commercial Paper)
Formal Contract
Alien corporation
Treasury Stock
14. Movable tangible personal property.
Goods
Consignor
Misdemeanor
Injunction
15. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Certificate of Deposit
Stockholders (Shareholders)
Negotiable Instrument (Commercial Paper)
Domestic corporation
16. A law that restricts the period of time within which an action may be brought to court.
Valid Contract
Summons (Process)
Statute of Limitations
Arraignment
17. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Limited Liability Corporation
Existing Goods
Arraignment
18. 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.
Crime
Merchant
Law (Blackstone's Definition)
Certificate of Deposit
19. The transfer of possession but not the title of personal property by one party to another - under agreement.
Trial Courts
Assignee
Bailment
Unilateral Contract
20. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Compensatory Damages
Qualified Endorsement
Implied Authority
Fiduciary
21. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Usurious
Sherman Antitrust Act
Express Contract
Nominal Partner
22. A body of persons elected by the stockholders to define and establish corporate policy.
Statute of Limitations
Board of Directors
Offer
Promissory Estoppel
23. The person to whom an offer is made.
Alien corporation
Statute of Limitations
Board of Directors
Offeree
24. Charging a person with a crime and asking for that person's plea.
Business Law
Partnership
Summons (Process)
Arraignment
25. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Principal
Subchapter S Corporation
Bill of Lading
26. 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.
Assignment
Malpractice
Trial Courts
Endorser
27. A corporation formed to carry out government functions.
General Agent
Merchant
Personal Property
Public Corporation
28. An endorsement which limits the liability of the endorser.
Certified Check
Intangible Personal Property
Qualified Endorsement
Payee
29. The contracting of services rather than goods.
Service Contracts
Simple Contract
Punitive Damages
Agent
30. Declared value of outstanding stock.
Blank Endorsement
Limited Partner
Capital Stock
Contractual Capability
31. An endorsement which designates the particular person to whom payment is to be made.
Qualified Endorsement
Business Law
Special Endorsement
Service Contracts
32. The act of transferring ownership of a negotiable instrument to another party.
Special Agent
Sherman Antitrust Act
Revocation
Negotiation
33. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Commercial Paper (Negotiable Instrument)
Fraud
Novation
34. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Merchant
Appellate Court
Property
35. 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.
Third Party Beneficiary
Voidable Contract
Future Goods
Partnership
36. Stock that entitles owner vote.
Personal Property
Plaintiff
Par-value Stock
Common Stock
37. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Breach of Contract
Stockholders (Shareholders)
Close (closed - closely held) corporation
Existing Goods
38. Having no words other than the signature of the endorser.
Restrictive Endorsement
Bearer Paper
Principal
Blank Endorsement
39. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Offeree
Answer
Booking
40. A business owned by one person.
Implied Warranties
Assignor
Sole proprietorship
Bailment
41. Person not party to a contract - but whom parties intended to benefit.
Offer
Statute of Frauds
Unilateral Contract
Third Party Beneficiary
42. The party making the assignment.
Express Warranty
Assignor
Process (Summons)
Express Authority
43. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Discharge
Implied Warranties
Sale
Appellate Court
44. 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.
Service Contracts
Discharge
Check
Arrest
45. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Counteroffer
Certified Check
Business Law
Tort
46. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Disaffirmance
Order Paper
Third Party Beneficiary
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.
Commercial Paper (Negotiable Instrument)
Identified Goods
Silent Partner
Unenforceable Contract
48. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Answer
Executory Contracts
Corporation
49. The repudiation of - or election to avoid - a voidable contract.
Disaffirmance
Domestic corporation
Executed Contracts
Negotiable Instrument (Commercial Paper)
50. An agreement which is not in the form required by law.
Endorser
Arrest
Necessaries (Necessities)
Unenforceable Contract