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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. An individual who takes no active part in the management of a business but has capital invested in the business.
Consignee
Silent Partner
Breach of Contract
Appellate Court
2. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Counteroffer
Consignee
Express Warranty
Close (closed - closely held) corporation
3. An offense which is injurious to society as a whole.
Bailor
Promissory Note
Offer
Crime
4. An individual actively and openly engaged in the business and held out to everyone as a partner.
Foreign Corporation
Secret Partner
Crime
General Partner
5. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Unenforceable Contract
Treasury Stock
Sole proprietorship
Corporation
6. To take into police custody.
Arrest
Domestic corporation
Drawer
Implied Contract
7. Movable tangible personal property.
Tort
Drawer
Payee
Goods
8. That which the promisor demands and receives as the price for a promise.
Foreign Corporation
Consideration
Subchapter S Corporation
Defendant
9. 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)
Bill of Lading
Uniform Commercial Code
Complaint (petition)
10. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Existing Goods
General Partner
Commercial Paper (Negotiable Instrument)
11. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Common Law
Alien corporation
Liquidated Damages
12. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Subchapter S Corporation
Contract
Complaint (petition)
Revocation
13. 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
Independent Contractor
Subchapter S Corporation
Consignor
Antitrust
14. 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.
Promissory Note
Process (Summons)
Malpractice
Employer
15. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
General Partner
Beneficiary
Creditor Beneficiary
Promissory Estoppel
16. Laws enacted by local municipalities.
Assignment
Necessaries (Necessities)
Ordinances
Existing Goods
17. One in possession of commercial paper.
Holder
Assignment
Malpractice
Executory Contracts
18. 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.
Summons (Process)
Order Paper
Implied Warranties
Partnership
19. Declared value of outstanding stock.
Capital Stock
Domestic corporation
Maker
Revocation
20. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Fiduciary
Statute of Limitations
Bill of Lading
Order Paper
21. 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.
Check
Appellate Court
Sherman Antitrust Act
Minor
22. A criminal offense that is punishable by confinement in prison or by death.
Endorsement
Existing Goods
Felony
Unilateral Contract
23. The person who executes a promissory note.
Agent
Consignor
Complaint (petition)
Maker
24. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Express Authority
Valid Contract
Board of Directors
25. A commercial paper payable to bearer; i.e. to the person having possession of such.
Draft
Bearer Paper
Payee
Future Goods
26. 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.
Punitive Damages
Fraud
Treasury Stock
Defendant
27. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Blank Endorsement
Cashier's Check
Accord and Satisfaction
Limited Partner
28. The individual who initiates a civil action.
Malpractice
Identified Goods
Creditor Beneficiary
Plaintiff
29. An agent's authority to do things not specifically authorized in order to carry out express authority.
Negotiation
Subchapter S Corporation
Implied Authority
Necessaries (Necessities)
30. One authorized by the principal to execute specific acts.
Special Agent
Preferred Stock
Payee
Crime
31. A check for which the bank assures that the drawer has sufficient funds to make payment.
Complaint (petition)
Price
Offer
Certified Check
32. 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.
Payee
Answer
Merchant
General Agent
33. One who ships goods by common carrier.
Process (Summons)
Consignor
Bill of Lading
Subchapter S Corporation
34. A negotiable instrument containing a promise to pay.
Principal
Express Authority
Negligence
Promissory Note
35. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Statutes
Dormant or sleeping partner
Draft
Sherman Antitrust Act
36. 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.
Special Performance
Public Corporation
Process (Summons)
Implied Warranties
37. A warranty imposed by law - arising automatically because the sale has been made.
Donee Beneficiary
Implied Warranties
Bailor
Employer
38. An agreement of no legal effect.
Limited Partner
Blank Endorsement
Misrepresentation
Void Contract
39. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Summons (Process)
Property
Offer
40. The signature or statement of purpose by the owner on the back of the instrument.
Close (closed - closely held) corporation
Maker
Endorsement
Negotiation
41. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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42. A person in possession of an instrument.
Private Corporation
Bearer
Silent Partner
Complaint (petition)
43. A written request initiating a civil suit.
Foreign Corporation
Bearer
Complaint (petition)
Existing Goods
44. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Dormant or sleeping partner
Trial Courts
Stockholders (Shareholders)
45. Stock with an assigned face vale.
Future Goods
Endorser
Par-value Stock
Bearer Paper
46. Official document detailing a defendant's defense.
General Agent
Employee
Answer
Domestic corporation
47. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Special Endorsement
Misdemeanor
Subchapter S Corporation
Usurious
48. The party who gives up possession - but not title - of property in a bailment.
Bailor
Arraignment
Special Performance
Judgment
49. A contract which will be enforced by the court.
Rescission
Offeree
Valid Contract
Order Paper
50. Partner unknown to public with no part in management.
Negligence
Misrepresentation
Dormant or sleeping partner
Compensatory Damages