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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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.
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. Person who writes his or her name on back of instrument.
Tort
Statute of Limitations
Endorser
Formal Contract
2. Partner active in a business unknown to the public.
Secret Partner
Offeror
Real Property
Property
3. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Nominal Damages
Breach of Contract
Statute of Frauds
Misrepresentation
4. The transfer of possession but not the title of personal property by one party to another - under agreement.
Uniform Commercial Code
Limited Partner
Identified Goods
Bailment
5. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Assignee
Simple Contract
Discharge
Preferred Stock
6. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.
Employee
Sale
Cashier's Check
Liquidated Damages
7. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Service Contracts
Ordinances
Independent Contractor
Voidable Contract
8. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Check
Promoter
Draft
9. The individual who initiates a civil action.
Plaintiff
General Partner
Public Corporation
Implied Authority
10. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Bearer
Crime
Misrepresentation
11. 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 Endorsement
Summons (Process)
Contractual Capability
Check
12. 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.
Contractual Capability
Bill of Lading
Check
Identified Goods
13. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Bailor
Booking
Secret Partner
14. A commercial paper payable to bearer; i.e. to the person having possession of such.
Disaffirmance
Bearer Paper
Price
Board of Directors
15. One who ships goods by common carrier.
Consignor
General Partner
Accord and Satisfaction
Uniform Commercial Code
16. Laws enacted by local municipalities.
Fiduciary
Implied Warranties
Ordinances
Offeror
17. Those contracts that must be in special form or produced in a certain way - such as under seal.
Simple Contract
Business Law
Ratification
Formal Contract
18. 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
Booking
Stare Decisis
Trial Courts
Corporation
19. Pretrial steps taken to learn the details of the case.
Creditor Beneficiary
Punitive Damages
Employer
Discovery
20. The party who gives up possession - but not title - of property in a bailment.
Fiduciary
Bailor
Corporation
General Agent
21. Stock that entitles owner vote.
General Partner
Public Corporation
Nominal Damages
Common Stock
22. The party to whom the assignment is made.
Assignee
Tort
Unenforceable Contract
Par-value Stock
23. Stating an untrue fact.
Misrepresentation
Principal
Service Contracts
Board of Directors
24. Official document detailing a defendant's defense.
Merchant
Answer
Special Agent
Bearer
25. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Board of Directors
Corporation
Uniform Commercial Code
26. 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.
Merchant
Preferred Stock
Offeror
Service Contracts
27. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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28. A corporation formed by individuals to form some non-governmental function.
Discharge
Private Corporation
Unenforceable Contract
Counteroffer
29. 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.
Disaffirmance
Ratification
Process (Summons)
Bailor
30. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Valid Contract
Cashier's Check
Contract to Sell
Necessaries (Necessities)
31. An expression of willingness to enter a contractual agreement.
Draft
Sole proprietorship
Partnership
Offer
32. The necessity that the parties desiring to enter into contracts meet all requirements.
Discovery
Statutes
Revocation
Contractual Capability
33. Laws which are enacted by legislative bodies.
Beneficiary
Statutes
General Agent
Consideration
34. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Promissory Estoppel
Statute of Limitations
Commercial Paper (Negotiable Instrument)
Partnership
35. A written request initiating a civil suit.
Acceptance
Disaffirmance
Complaint (petition)
Contractual Capability
36. Courts that conduct the original trial and render their decision.
Complaint (petition)
Trial Courts
Secret Partner
Necessaries (Necessities)
37. 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.
Nominal Damages
Creditor Beneficiary
Special Endorsement
Special Performance
38. Charging a person with a crime and asking for that person's plea.
Shareholders (Stockholders)
Contract to Sell
Stockholders (Shareholders)
Arraignment
39. One authorized by the principal to execute specific acts.
Tort
Valid Contract
Special Agent
Drawer
40. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Punitive Damages
Arraignment
Drawer
41. That which the promisor demands and receives as the price for a promise.
Formal Contract
Nominal Partner
Consideration
Property
42. A party who appoints a second party to serve as an agent.
Common Stock
Principal
Par-value Stock
Public Corporation
43. A business owned by one person.
Tort
Crime
Drawer
Sole proprietorship
44. An agreement of no legal effect.
Future Goods
Special Endorsement
Void Contract
Arrest
45. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Price
Express Warranty
Employee
Assignee
46. An individual actively and openly engaged in the business and held out to everyone as a partner.
Offeree
Express Contract
Secret Partner
General Partner
47. An endorsement which limits the liability of the endorser.
Third Party Beneficiary
Agent
Qualified Endorsement
Check
48. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Limited Partner
Real Property
Tort
Nominal Damages
49. Court hearing cases appealed from lower courts.
Express Contract
Foreign Corporation
Appellate Court
Special Endorsement
50. The goods specified by the buyer and seller.
Endorsement
Authority
Identified Goods
Principal
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