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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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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.
Foreign Corporation
Liquidated Damages
Independent Contractor
Endorser
2. The party to whom the assignment is made.
Misdemeanor
Assignee
Minor
Special Endorsement
3. The transfer of possession but not the title of personal property by one party to another - under agreement.
Acceptance
Endorsement
Answer
Bailment
4. Those goods which are - at the time of the contract - in existence and owned by the seller.
Answer
Ordinances
Promissory Note
Existing Goods
5. 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.
Express Warranty
Merchant
Fraud
Discovery
6. 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.
Voidable Contract
Corporation
Secret Partner
Sherman Antitrust Act
7. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Contractual Capability
Void Contract
Bearer Paper
8. Having no words other than the signature of the endorser.
Real Property
Sale
Drawee
Blank Endorsement
9. 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.
Simple Contract
Offer
Offeror
Draft
10. A document of conveyance that provides written evidence of one's title to tangible personal property.
General Agent
Business Law
Bill of Sale
Dormant or sleeping partner
11. Land and those objects permanently attached to land. Rejection refusal to accept.
Trial Courts
Bearer
Process (Summons)
Real Property
12. The necessity that the parties desiring to enter into contracts meet all requirements.
Arrest
Contract to Sell
General Agent
Contractual Capability
13. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Existing Goods
Sole proprietorship
Limited Liability Corporation
14. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Consignor
Nominal Partner
Disaffirmance
15. Stating an untrue fact.
Bill of Lading
Uniform Commercial Code
Misrepresentation
Trial Courts
16. A check drawn on a bank's own funds and signed by a responsible bank official.
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17. Person who writes his or her name on back of instrument.
Check
Minor
Endorser
Implied Authority
18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Offeree
Defendant
Sole proprietorship
Punitive Damages
19. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Sherman Antitrust Act
Contract to Sell
Undue Influence
Third Party Beneficiary
20. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Judgment
General Partner
Drawer
Executed Contracts
21. The party who acquires possession but not the title of personal property in a bailment.
Capital Stock
Goods
Uniform Commercial Code
Bailee
22. Those contracts that must be in special form or produced in a certain way - such as under seal.
Implied Contract
Merchant
Formal Contract
Arraignment
23. Official document detailing a defendant's defense.
Trial Courts
Answer
Certified Check
Promissory Note
24. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Necessaries (Necessities)
Voidable Contract
Nominal Damages
Maker
25. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Donee Beneficiary
Goods
Future Goods
26. Movable tangible personal property.
Sherman Antitrust Act
Promissory Estoppel
Bearer
Goods
27. The contracting of services rather than goods.
Express Warranty
Service Contracts
Rescission
Bailor
28. Courts that conduct the original trial and render their decision.
Qualified Endorsement
Offeror
Petition (Complaint)
Trial Courts
29. The goods specified by the buyer and seller.
Alien corporation
Punitive Damages
Answer
Identified Goods
30. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Undue Influence
Subchapter S Corporation
Novation
Express Authority
31. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Property
Donee Beneficiary
Common Law
Service Contracts
32. 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.
Stare Decisis
Restrictive Endorsement
Certificate of Deposit
Consignor
33. 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.
Common Law
Simple Contract
Check
Special Performance
34. Stock with an assigned face vale.
Par-value Stock
Business Law
Sole proprietorship
Public Corporation
35. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Felony
Endorser
Punitive Damages
Fiduciary
36. Any contract other than a formal contract - whether written - oral or implied.
Service Contracts
Counteroffer
Bailor
Simple Contract
37. 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
Misrepresentation
Injunction
Rescission
Negligence
38. 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.
Special Performance
Discovery
Commercial Paper (Negotiable Instrument)
Par-value Stock
39. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Uniform Commercial Code
Disaffirmance
Negotiable Instrument (Commercial Paper)
Bailor
40. The person who executes a promissory note.
Liquidated Damages
Order Paper
Summons (Process)
Maker
41. 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.
Unenforceable Contract
Malpractice
Certified Check
Duress
42. A party who appoints a second party to serve as an agent.
Restrictive Endorsement
Bailment
Business Law
Principal
43. That which the promisor demands and receives as the price for a promise.
Undue Influence
Consideration
Endorsement
Consignee
44. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer
Valid Contract
Bearer Paper
Malpractice
45. 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.
Implied Contract
Par-value Stock
Process (Summons)
Authority
46. A corporation formed to carry out government functions.
Board of Directors
Bailee
Public Corporation
Arraignment
47. Those contracts in which the terms have not been completely executed or fulfilled.
Consignee
Special Agent
Executory Contracts
Private Corporation
48. The authority of an agent - stated in the document or agreement creating the agency.
Bailment
Shareholders (Stockholders)
Express Authority
Sole proprietorship
49. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Service Contracts
Complaint (petition)
Consignee
50. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Preferred Stock
Necessaries (Necessities)
Par-value Stock
Process (Summons)
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