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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. Stock with an assigned face vale.
Agent
Par-value Stock
Minor
Valid Contract
2. Laws enacted by local municipalities.
Negotiation
Bill of Lading
Special Agent
Ordinances
3. The person - company - or financial institution ordered to pay a draft.
Consideration
Authority
Drawee
Unilateral Contract
4. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Offer
Judgment
Answer
Accord and Satisfaction
5. Partner unknown to public with no part in management.
Dormant or sleeping partner
Assignee
Nominal Damages
Principal
6. Official document detailing a defendant's defense.
Answer
Antitrust
Assignment
Sole proprietorship
7. A written request initiating a civil suit.
Discharge
Petition (Complaint)
Punitive Damages
Certificate of Deposit
8. 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
Principal
Negligence
Duress
Criminal Law
9. Confirming an act that was executed without authority or an act which was voidable.
Rescission
Restrictive Endorsement
Ratification
Counteroffer
10. 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.
Beneficiary
Compensatory Damages
Offeree
Fraud
11. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Executory Contracts
Limited Liability Corporation
General Agent
Voidable Contract
12. One authorized by the principal to execute specific acts.
Special Agent
Stare Decisis
General Partner
Uniform Commercial Code
13. An individual actively and openly engaged in the business and held out to everyone as a partner.
Private Corporation
Preferred Stock
Nominal Partner
General Partner
14. Anything that may be owned.
Law (Blackstone's Definition)
Future Goods
Property
Plaintiff
15. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Certificate of Deposit
Special Performance
Blank Endorsement
16. A means whereby one party conveys rights to another person who is not a party to the original contract.
Offer
Board of Directors
Assignment
Shareholders (Stockholders)
17. 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.
Negligence
Duress
Identified Goods
Par-value Stock
18. One to whom goods are shipped by common carrier.
Certified Check
Offer
Drawee
Consignee
19. The party making the assignment.
Implied Authority
Commercial Paper (Negotiable Instrument)
Assignor
Warranties
20. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Voidable Contract
Discovery
Limited Partner
Fiduciary
21. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Promissory Estoppel
Negotiable Instrument (Commercial Paper)
Rescission
Executory Contracts
22. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Special Agent
Offer
Draft
23. Laws which are enacted by legislative bodies.
Secret Partner
Statutes
Discovery
Ordinances
24. Customs that have become recognized by the courts as binding on the community.
Consignee
Personal Property
Common Law
Secret Partner
25. A party who appoints a second party to serve as an agent.
Misrepresentation
Order Paper
Future Goods
Principal
26. A check drawn on a bank's own funds and signed by a responsible bank official.
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27. The necessity that the parties desiring to enter into contracts meet all requirements.
Nominal Partner
Contractual Capability
Duress
Donee Beneficiary
28. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Felony
Implied Contract
Express Contract
Malpractice
29. An endorsement which limits the liability of the endorser.
Preferred Stock
Close (closed - closely held) corporation
Qualified Endorsement
Felony
30. 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.
Assignor
Answer
Uniform Commercial Code
General Agent
31. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Tort
Cashier's Check
Formal Contract
Nominal Damages
32. A body of persons elected by the stockholders to define and establish corporate policy.
Bailor
Consignor
Board of Directors
Service Contracts
33. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Undue Influence
Fiduciary
Warranties
Voidable Contract
34. That which the promisor demands and receives as the price for a promise.
Donee Beneficiary
Contract
Consideration
Unenforceable Contract
35. 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.
Stockholders (Shareholders)
Statutes
Check
Silent Partner
36. Exceeding the maximum rate of interest which may be charged on loans.
Minor
Subchapter S Corporation
Usurious
Sale
37. Power to act for someone else.
Appellate Court
Malpractice
Authority
Petition (Complaint)
38. 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.
Negotiation
Summons (Process)
Donee Beneficiary
Contract to Sell
39. An endorsement which prevents the use of the instrument for anything except the stated use.
Employee
Express Warranty
Restrictive Endorsement
Holder
40. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Order Paper
Certified Check
Novation
41. A judicial order or decree forbidding the performance of a certain act.
Criminal Law
Law (Blackstone's Definition)
Injunction
Revocation
42. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Common Law
Sole proprietorship
Discharge
General Partner
43. Those goods which are not in existence at the time a contract is agreed to.
Principal
Promissory Note
Future Goods
Assignor
44. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Necessaries (Necessities)
Complaint (petition)
Accord and Satisfaction
45. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Express Contract
Express Warranty
Felony
46. 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.
Defendant
General Partner
Corporation
Uniform Commercial Code
47. The individual who initiates a civil action.
Plaintiff
Consignor
Breach of Contract
Bill of Sale
48. An agreement of no legal effect.
Void Contract
Existing Goods
Corporation
Independent Contractor
49. Court hearing cases appealed from lower courts.
Special Agent
Stockholders (Shareholders)
Antitrust
Appellate Court
50. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Payee
Promissory Note
Fiduciary