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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 provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Check
Voidable Contract
Bill of Sale
Liquidated Damages
2. The person against whom legal action is brought. 1
Defendant
Authority
Acceptance
Board of Directors
3. Those goods which are - at the time of the contract - in existence and owned by the seller.
Order Paper
Existing Goods
Law (Blackstone's Definition)
Accord and Satisfaction
4. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Endorsement
Unenforceable Contract
Business Law
5. Person not party to a contract - but whom parties intended to benefit.
Bailor
Third Party Beneficiary
Law (Blackstone's Definition)
Capital Stock
6. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Dormant or sleeping partner
Real Property
Offeree
7. One in possession of commercial paper.
Uniform Commercial Code
Implied Contract
Voidable Contract
Holder
8. 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.
Disaffirmance
Draft
Business Law
Counteroffer
9. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Contractual Capability
Principal
Assignor
10. Operates in the state that granted the charter.
Independent Contractor
Answer
Domestic corporation
Ordinances
11. 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.
Corporation
Cashier's Check
Minor
Negotiation
12. One authorized by the principal to execute specific acts.
Special Agent
General Partner
Offer
Petition (Complaint)
13. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Endorser
Discharge
Agent
14. 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.
Preferred Stock
Creditor Beneficiary
Ratification
Warranties
15. 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).
Close (closed - closely held) corporation
Consideration
Offer
Statute of Frauds
16. A written request initiating a civil suit.
Preferred Stock
Endorser
Complaint (petition)
Breach of Contract
17. Declared value of outstanding stock.
Capital Stock
Subchapter S Corporation
Board of Directors
Restrictive Endorsement
18. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Drawer
Duress
Revocation
Contract to Sell
19. A contract remedy by which the court requires the breaching party to perform the contract.
Plaintiff
Special Performance
Consideration
Unenforceable Contract
20. A contract which will be enforced by the court.
Endorsement
Par-value Stock
Business Law
Valid Contract
21. An expression of willingness to enter a contractual agreement.
Misrepresentation
Offer
Employee
Endorsement
22. Pretrial steps taken to learn the details of the case.
Certificate of Deposit
Intangible Personal Property
Discovery
Ratification
23. The party who gives up possession - but not title - of property in a bailment.
Bill of Lading
Bailor
Minor
Future Goods
24. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Implied Warranties
Third Party Beneficiary
Partnership
25. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Booking
Misrepresentation
Special Performance
26. 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
Negligence
Third Party Beneficiary
Holder
Bailee
27. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Subchapter S Corporation
Plaintiff
Preferred Stock
Cashier's Check
28. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Price
Consideration
Beneficiary
Fraud
29. Confirming an act that was executed without authority or an act which was voidable.
Limited Partner
Assignor
Antitrust
Ratification
30. Stock with an assigned face vale.
Capital Stock
Acceptance
Par-value Stock
Implied Contract
31. A decision of a court.
Express Warranty
Judgment
Stockholders (Shareholders)
Contract to Sell
32. Stating an untrue fact.
Common Stock
Void Contract
Misrepresentation
Close (closed - closely held) corporation
33. Person who writes his or her name on back of instrument.
Summons (Process)
Endorser
Board of Directors
Defendant
34. Stock that entitles owner vote.
Acceptance
Bill of Sale
Draft
Common Stock
35. Those contracts in which the terms have not been completely executed or fulfilled.
Antitrust
Existing Goods
Executory Contracts
Close (closed - closely held) corporation
36. The party to whom any negotiable instrument is made payable.
Independent Contractor
Payee
Bill of Sale
Trial Courts
37. The person - company - or financial institution ordered to pay a draft.
Assignor
Subchapter S Corporation
Drawee
Corporation
38. Official document detailing a defendant's defense.
Personal Property
Implied Contract
Answer
Express Authority
39. Those contracts that must be in special form or produced in a certain way - such as under seal.
Discharge
Bailment
Formal Contract
Sole proprietorship
40. A written request initiating a civil suit.
Agent
Discharge
Simple Contract
Petition (Complaint)
41. An individual who takes no active part in the management of a business but has capital invested in the business.
Complaint (petition)
Silent Partner
Agent
Property
42. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Certificate of Deposit
Revocation
Special Endorsement
43. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Blank Endorsement
Simple Contract
Nominal Damages
44. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Foreign Corporation
Antitrust
Dormant or sleeping partner
45. One who takes initial steps to form corporation.
Promoter
Special Agent
Duress
Breach of Contract
46. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Statute of Limitations
Order Paper
Stare Decisis
47. A document of conveyance that provides written evidence of one's title to tangible personal property.
Check
Bill of Sale
Express Warranty
Defendant
48. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Counteroffer
Implied Contract
Trial Courts
Promoter
49. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Future Goods
Consignee
Liquidated Damages
50. Courts that conduct the original trial and render their decision.
Formal Contract
Rescission
Trial Courts
Bailor