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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. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Endorsement
Antitrust
Breach of Contract
Accord and Satisfaction
2. Charging a person with a crime and asking for that person's plea.
Ratification
Assignment
Arraignment
Offeror
3. Stock with an assigned face vale.
Express Contract
Agent
Par-value Stock
Punitive Damages
4. An agreement to an offer resulting in a contract.
Promissory Note
Drawee
Acceptance
Bearer Paper
5. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Maker
Independent Contractor
Nominal Partner
Punitive Damages
6. 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
Stockholders (Shareholders)
Negligence
Bill of Lading
Simple Contract
7. A written request initiating a civil suit.
Arrest
Agent
Complaint (petition)
Implied Contract
8. 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.
Bearer
Fraud
Voidable Contract
Assignment
9. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Fiduciary
Special Endorsement
Sherman Antitrust Act
10. Operates in the state that granted the charter.
Stare Decisis
Accord and Satisfaction
Domestic corporation
Sherman Antitrust Act
11. Any contract other than a formal contract - whether written - oral or implied.
Offer
Sherman Antitrust Act
Corporation
Simple Contract
12. Movable tangible personal property.
Answer
Independent Contractor
Goods
Trial Courts
13. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Discovery
Offeror
Cashier's Check
Agent
14. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
General Agent
Tort
Property
Employee
15. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Commercial Paper (Negotiable Instrument)
Goods
Implied Contract
Draft
16. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Cashier's Check
Order Paper
Common Law
Misdemeanor
17. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Undue Influence
Special Performance
Negligence
18. The party to whom any negotiable instrument is made payable.
Close (closed - closely held) corporation
Special Performance
Limited Partner
Payee
19. A decision of a court.
Contract
Judgment
Common Law
Novation
20. The authority of an agent - stated in the document or agreement creating the agency.
Silent Partner
Necessaries (Necessities)
Corporation
Express Authority
21. A contract which will be enforced by the court.
Complaint (petition)
Valid Contract
Par-value Stock
Necessaries (Necessities)
22. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Assignor
Antitrust
Compensatory Damages
23. 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)
Goods
Future Goods
Bearer Paper
24. 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.
Merchant
Promoter
Stare Decisis
Consignor
25. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Misrepresentation
Payee
Statutes
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.
Malpractice
Defendant
General Partner
Process (Summons)
27. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Goods
Stockholders (Shareholders)
Formal Contract
Donee Beneficiary
28. Partner active in a business unknown to the public.
Executed Contracts
Draft
Injunction
Secret Partner
29. Having no words other than the signature of the endorser.
Blank Endorsement
Law (Blackstone's Definition)
Duress
Bailor
30. The necessity that the parties desiring to enter into contracts meet all requirements.
Arrest
Contractual Capability
Maker
Bailment
31. 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
Offeree
Summons (Process)
Independent Contractor
Voidable Contract
32. Stock reacquired by a corporation.
Executed Contracts
Service Contracts
Treasury Stock
Bearer Paper
33. The contracting of services rather than goods.
Service Contracts
Promoter
Common Law
Express Warranty
34. The repudiation of - or election to avoid - a voidable contract.
Special Performance
Promissory Estoppel
Disaffirmance
Principal
35. Stating an untrue fact.
Assignor
Misrepresentation
Treasury Stock
Qualified Endorsement
36. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Injunction
Punitive Damages
Simple Contract
Tort
37. A check drawn on a bank's own funds and signed by a responsible bank official.
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38. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Consideration
Sale
Assignor
Promissory Note
39. 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).
Defendant
Close (closed - closely held) corporation
Independent Contractor
Revocation
40. Declared value of outstanding stock.
Capital Stock
Personal Property
Plaintiff
Common Law
41. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Bailor
Tort
Limited Partner
Contract to Sell
42. The person - company - or financial institution ordered to pay a draft.
Drawee
Negotiation
Special Endorsement
Alien corporation
43. Courts that conduct the original trial and render their decision.
Promoter
Usurious
Trial Courts
Holder
44. To take into police custody.
Private Corporation
Malpractice
Principal
Arrest
45. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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46. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Payee
Employee
Endorser
Subchapter S Corporation
47. An award paid to the injured party to cover the exact amount of their loss - but no more.
Booking
Compensatory Damages
Capital Stock
Blank Endorsement
48. Exceeding the maximum rate of interest which may be charged on loans.
Booking
Ordinances
Property
Usurious
49. A document of conveyance that provides written evidence of one's title to tangible personal property.
Dormant or sleeping partner
Bill of Sale
Partnership
Drawer
50. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Uniform Commercial Code
Qualified Endorsement
Minor
Crime