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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. 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.
Executed Contracts
Partnership
Certificate of Deposit
Shareholders (Stockholders)
2. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Donee Beneficiary
Shareholders (Stockholders)
Public Corporation
3. A decision of a court.
Assignor
Void Contract
Liquidated Damages
Judgment
4. The necessity that the parties desiring to enter into contracts meet all requirements.
Promissory Estoppel
Contractual Capability
Felony
Punitive Damages
5. Stock reacquired by a corporation.
Formal Contract
Statute of Limitations
Beneficiary
Treasury Stock
6. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Restrictive Endorsement
Offer
Property
Contract to Sell
7. The person against whom legal action is brought. 1
Third Party Beneficiary
Process (Summons)
Defendant
Common Law
8. A law that restricts the period of time within which an action may be brought to court.
Qualified Endorsement
Consignee
Statute of Limitations
Simple Contract
9. Those contracts in which the terms have not been completely executed or fulfilled.
Intangible Personal Property
Real Property
Executory Contracts
Sale
10. Power to act for someone else.
Certified Check
Authority
Criminal Law
Bill of Lading
11. A contract which will be enforced by the court.
Dormant or sleeping partner
Preferred Stock
Valid Contract
Process (Summons)
12. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Special Endorsement
Certified Check
Accord and Satisfaction
Punitive Damages
13. A person in possession of an instrument.
Bearer
Assignee
Voidable Contract
Process (Summons)
14. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Private Corporation
Shareholders (Stockholders)
Warranties
Dormant or sleeping partner
15. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Ordinances
Limited Partner
Revocation
Stockholders (Shareholders)
16. One authorized by the principal to execute specific acts.
Real Property
Special Agent
Trial Courts
Endorsement
17. 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.
Executory Contracts
Unenforceable Contract
Acceptance
Merchant
18. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Antitrust
Limited Liability Corporation
Express Warranty
Qualified Endorsement
19. The contracting of services rather than goods.
Discovery
Service Contracts
Stare Decisis
Warranties
20. Movable tangible personal property.
Executory Contracts
Common Law
Contractual Capability
Goods
21. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Endorsement
Domestic corporation
Agent
Special Agent
22. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Donee Beneficiary
Bill of Sale
Creditor Beneficiary
Uniform Commercial Code
23. Declared value of outstanding stock.
Process (Summons)
Capital Stock
Creditor Beneficiary
Minor
24. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Alien corporation
Certificate of Deposit
Fiduciary
Consideration
25. Official document detailing a defendant's defense.
Answer
Drawee
Accord and Satisfaction
Acceptance
26. The party who initiates - or makes - an offer.
Counteroffer
Promissory Note
Holder
Offeror
27. 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
Offeror
Independent Contractor
Statute of Frauds
General Agent
28. 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.
Arraignment
Tort
Malpractice
Maker
29. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Board of Directors
Summons (Process)
Bailee
Voidable Contract
30. Those goods which are - at the time of the contract - in existence and owned by the seller.
Petition (Complaint)
Express Warranty
Existing Goods
Process (Summons)
31. A corporation formed to carry out government functions.
Creditor Beneficiary
Booking
Uniform Commercial Code
Public Corporation
32. A negotiable instrument containing a promise to pay.
Promissory Note
Express Warranty
Third Party Beneficiary
Fraud
33. Stating an untrue fact.
Silent Partner
Misrepresentation
Alien corporation
Executed Contracts
34. An agreement to an offer resulting in a contract.
Unenforceable Contract
Employee
Acceptance
Consignee
35. All property which is not real property.
Felony
Personal Property
Subchapter S Corporation
Blank Endorsement
36. Laws enacted by local municipalities.
Ordinances
Fraud
Undue Influence
Corporation
37. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Personal Property
Plaintiff
Sherman Antitrust Act
38. The person who executes a promissory note.
Maker
Appellate Court
Sale
Nominal Damages
39. 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.
Drawee
Check
Void Contract
Statute of Frauds
40. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Executed Contracts
Process (Summons)
Promoter
41. An agreement of no legal effect.
Executory Contracts
Foreign Corporation
Void Contract
Misrepresentation
42. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Unenforceable Contract
Crime
Express Contract
General Agent
43. Person not party to a contract - but whom parties intended to benefit.
Negotiation
Third Party Beneficiary
Complaint (petition)
General Agent
44. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Identified Goods
Breach of Contract
Restrictive Endorsement
Bearer Paper
45. Stock with an assigned face vale.
Valid Contract
Counteroffer
Par-value Stock
Contractual Capability
46. The person who executes any draft.
Duress
Drawer
Public Corporation
Commercial Paper (Negotiable Instrument)
47. One that is incorporated in a foreign country.
Alien corporation
Felony
Holder
Certified Check
48. The party who gives up possession - but not title - of property in a bailment.
Bailor
Silent Partner
Assignment
Bill of Sale
49. A check drawn on a bank's own funds and signed by a responsible bank official.
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50. The act of transferring ownership of a negotiable instrument to another party.
Appellate Court
Discharge
Rescission
Negotiation