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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. Pretrial steps taken to learn the details of the case.
Rescission
Discovery
Private Corporation
Booking
2. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Drawer
Simple Contract
Necessaries (Necessities)
Corporation
3. Charging a person with a crime and asking for that person's plea.
Special Endorsement
Arraignment
Complaint (petition)
Price
4. Canceling - annulling - avoiding.
Special Agent
Promoter
Rescission
Subchapter S Corporation
5. 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.
Compensatory Damages
Cashier's Check
Third Party Beneficiary
Process (Summons)
6. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Order Paper
Unilateral Contract
Bearer
Acceptance
7. The signature or statement of purpose by the owner on the back of the instrument.
Answer
Private Corporation
Endorsement
Intangible Personal Property
8. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Arraignment
Criminal Law
Breach of Contract
Creditor Beneficiary
9. An agreement between two or more competent persons which is enforceable by law.
Ordinances
Public Corporation
Contract
Statute of Frauds
10. A criminal offense that is punishable by confinement in prison or by death.
Discharge
Bearer
Felony
Duress
11. That which the promisor demands and receives as the price for a promise.
Arrest
Consideration
Consignor
Summons (Process)
12. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Criminal Law
Contract
Compensatory Damages
13. 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.
Judgment
Fraud
Limited Partner
Contractual Capability
14. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Real Property
Express Warranty
Board of Directors
Restrictive Endorsement
15. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Dormant or sleeping partner
Punitive Damages
Subchapter S Corporation
Assignee
16. Having no words other than the signature of the endorser.
Blank Endorsement
Criminal Law
Complaint (petition)
Crime
17. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Negligence
Nominal Damages
Formal Contract
Endorser
18. The person who executes a promissory note.
Accord and Satisfaction
General Partner
Alien corporation
Maker
19. An agreement to an offer resulting in a contract.
Cashier's Check
Defendant
Express Contract
Acceptance
20. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Uniform Commercial Code
Maker
Usurious
Novation
21. 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.
Beneficiary
Common Law
Employer
Undue Influence
22. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Order Paper
Felony
Contract to Sell
Usurious
23. An agreement of no legal effect.
Void Contract
Law (Blackstone's Definition)
Maker
Criminal Law
24. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Simple Contract
Usurious
Consideration
Revocation
25. 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.
General Partner
Void Contract
Statute of Frauds
Business Law
26. Courts that conduct the original trial and render their decision.
Third Party Beneficiary
Price
Trial Courts
Board of Directors
27. Customs that have become recognized by the courts as binding on the community.
Common Law
Nominal Damages
Property
Bill of Sale
28. A commercial paper payable to bearer; i.e. to the person having possession of such.
Criminal Law
Bearer Paper
Certified Check
Donee Beneficiary
29. 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.
Liquidated Damages
Counteroffer
Bailor
Partnership
30. 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.
Endorser
Creditor Beneficiary
Third Party Beneficiary
Arraignment
31. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Limited Partner
Antitrust
Arrest
32. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Process (Summons)
Uniform Commercial Code
Offeree
33. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Sherman Antitrust Act
Counteroffer
Executed Contracts
Appellate Court
34. One that is incorporated in a foreign country.
Certificate of Deposit
Alien corporation
Formal Contract
Implied Authority
35. The person against whom legal action is brought. 1
Contract
Defendant
Nominal Damages
Implied Contract
36. An endorsement which designates the particular person to whom payment is to be made.
Partnership
Special Endorsement
Personal Property
Implied Contract
37. The contracting of services rather than goods.
Service Contracts
Injunction
Antitrust
Foreign Corporation
38. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Drawer
Undue Influence
Special Agent
Payee
39. A business owned by one person.
Duress
Drawer
Assignee
Sole proprietorship
40. The repudiation of - or election to avoid - a voidable contract.
General Partner
Arraignment
Judgment
Disaffirmance
41. The person - company - or financial institution ordered to pay a draft.
Drawee
Assignor
Agent
Treasury Stock
42. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Third Party Beneficiary
Endorser
Private Corporation
43. Those contracts in which the terms have not been completely executed or fulfilled.
Unenforceable Contract
Commercial Paper (Negotiable Instrument)
Executory Contracts
Third Party Beneficiary
44. A check drawn on a bank's own funds and signed by a responsible bank official.
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45. Laws dealing with crimes and the punishment of wrongdoers.
Alien corporation
Negligence
Public Corporation
Criminal Law
46. All property which is not real property.
Antitrust
Nominal Damages
Personal Property
Express Authority
47. The party who gives up possession - but not title - of property in a bailment.
Consideration
Statute of Frauds
Bailor
Endorser
48. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Bearer
Bill of Lading
Creditor Beneficiary
Promissory Estoppel
49. An endorsement which limits the liability of the endorser.
Express Authority
Qualified Endorsement
Simple Contract
Partnership
50. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Misdemeanor
Intangible Personal Property
Agent
Maker