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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. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Criminal Law
Minor
Certified Check
2. 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.
Breach of Contract
Law (Blackstone's Definition)
Malpractice
Domestic corporation
3. Exceeding the maximum rate of interest which may be charged on loans.
Blank Endorsement
Arraignment
Usurious
Negotiation
4. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Capital Stock
Authority
Booking
Offeror
5. 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.
Stockholders (Shareholders)
General Agent
Usurious
Offer
6. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Felony
Endorsement
Defendant
7. 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.
Employer
Malpractice
Statute of Limitations
Partnership
8. An agent's authority to do things not specifically authorized in order to carry out express authority.
Misdemeanor
Accord and Satisfaction
Implied Authority
Endorser
9. One who ships goods by common carrier.
Bearer Paper
Revocation
Consignor
Injunction
10. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Assignor
Order Paper
Par-value Stock
Implied Contract
11. A written request initiating a civil suit.
Misrepresentation
Complaint (petition)
Answer
Simple Contract
12. A criminal offense which is neither treason nor a felony.
Promissory Note
Limited Liability Corporation
Acceptance
Misdemeanor
13. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Complaint (petition)
Discovery
Special Agent
Stockholders (Shareholders)
14. 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.
Ratification
Bailment
Stare Decisis
Counteroffer
15. That which the promisor demands and receives as the price for a promise.
Consideration
Third Party Beneficiary
Maker
Contract to Sell
16. An award paid to the injured party to cover the exact amount of their loss - but no more.
Order Paper
Compensatory Damages
Identified Goods
Ordinances
17. Movable tangible personal property.
Merchant
Capital Stock
Goods
Misrepresentation
18. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Corporation
Identified Goods
Consignor
Agent
19. The party who acquires possession but not the title of personal property in a bailment.
Third Party Beneficiary
Silent Partner
Merchant
Bailee
20. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Discovery
Special Endorsement
Contract to Sell
Breach of Contract
21. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Ordinances
Statute of Limitations
Implied Contract
Promissory Estoppel
22. The party to whom the assignment is made.
Liquidated Damages
Rescission
Assignee
Nominal Partner
23. Declared value of outstanding stock.
Unilateral Contract
Capital Stock
Negotiable Instrument (Commercial Paper)
Offeree
24. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Appellate Court
Warranties
General Agent
Valid Contract
25. A judicial order or decree forbidding the performance of a certain act.
Nominal Damages
Common Law
Minor
Injunction
26. 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.
Breach of Contract
Executory Contracts
Duress
Law (Blackstone's Definition)
27. The act of transferring ownership of a negotiable instrument to another party.
Board of Directors
Treasury Stock
Bill of Lading
Negotiation
28. Courts that conduct the original trial and render their decision.
Board of Directors
Trial Courts
Implied Warranties
Promoter
29. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Public Corporation
Injunction
Malpractice
Unilateral Contract
30. An agreement of no legal effect.
Nominal Partner
Future Goods
Void Contract
Petition (Complaint)
31. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Silent Partner
Special Performance
Cashier's Check
Limited Liability Corporation
32. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Preferred Stock
Bearer
Bailment
33. A business owned by one person.
Express Authority
Ordinances
Sole proprietorship
Intangible Personal Property
34. Confirming an act that was executed without authority or an act which was voidable.
Implied Contract
Special Performance
Ratification
Bill of Sale
35. The person who executes a promissory note.
Maker
Domestic corporation
General Agent
Ratification
36. A negotiable instrument containing a promise to pay.
Negotiable Instrument (Commercial Paper)
Promissory Note
Endorser
Restrictive Endorsement
37. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Drawer
Private Corporation
Stare Decisis
Negotiable Instrument (Commercial Paper)
38. Person not party to a contract - but whom parties intended to benefit.
Consignor
Third Party Beneficiary
Defendant
Punitive Damages
39. 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.
Consideration
Punitive Damages
Capital Stock
Draft
40. A check drawn on a bank's own funds and signed by a responsible bank official.
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41. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Offer
Capital Stock
Executory Contracts
42. Laws which are enacted by legislative bodies.
Express Warranty
Statute of Frauds
Statutes
Consideration
43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Antitrust
Nominal Damages
Plaintiff
Valid Contract
44. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Felony
Bill of Lading
Statutes
45. An individual actively and openly engaged in the business and held out to everyone as a partner.
Personal Property
General Partner
Maker
Statute of Frauds
46. Land and those objects permanently attached to land. Rejection refusal to accept.
Implied Authority
Real Property
Future Goods
Nominal Damages
47. An endorsement which designates the particular person to whom payment is to be made.
Future Goods
Silent Partner
Special Endorsement
Bearer Paper
48. A commercial paper payable to bearer; i.e. to the person having possession of such.
Close (closed - closely held) corporation
Acceptance
Law (Blackstone's Definition)
Bearer Paper
49. The repudiation of - or election to avoid - a voidable contract.
Personal Property
Duress
Booking
Disaffirmance
50. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Assignee
Express Contract
Promissory Note
Board of Directors