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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 situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Discovery
Counteroffer
Restrictive Endorsement
Breach of Contract
2. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Stockholders (Shareholders)
Par-value Stock
Nominal Damages
Statute of Limitations
3. Stock that entitles owner vote.
Contract
Common Stock
Formal Contract
Assignee
4. A check drawn on a bank's own funds and signed by a responsible bank official.
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5. 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.
Promoter
Special Performance
Rescission
Partnership
6. A criminal offense that is punishable by confinement in prison or by death.
Felony
Consideration
Private Corporation
Bearer Paper
7. Exceeding the maximum rate of interest which may be charged on loans.
Novation
Promissory Note
Special Agent
Usurious
8. The party to whom the assignment is made.
Agent
Assignee
General Agent
Third Party Beneficiary
9. An agreement between two or more competent persons which is enforceable by law.
Bearer
Uniform Commercial Code
Contract
General Agent
10. A decision of a court.
Tort
Usurious
Acceptance
Judgment
11. The party making the assignment.
Assignor
Contract
Usurious
Formal Contract
12. 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.
Consideration
Offer
Stare Decisis
Discovery
13. The party who gives up possession - but not title - of property in a bailment.
Voidable Contract
Bailor
Stockholders (Shareholders)
Alien corporation
14. 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
Express Authority
Novation
Booking
Preferred Stock
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).
Consideration
Close (closed - closely held) corporation
Employee
Discovery
16. Customs that have become recognized by the courts as binding on the community.
Law (Blackstone's Definition)
Authority
Common Law
Future Goods
17. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Par-value Stock
Minor
Donee Beneficiary
Implied Contract
18. Declared value of outstanding stock.
Capital Stock
Drawee
Corporation
Acceptance
19. Canceling - annulling - avoiding.
Rescission
Certificate of Deposit
Sale
Punitive Damages
20. Partner active in a business unknown to the public.
Alien corporation
Certificate of Deposit
Secret Partner
Maker
21. A commercial paper payable to bearer; i.e. to the person having possession of such.
Disaffirmance
Promissory Note
Bearer Paper
Contract to Sell
22. An expression of willingness to enter a contractual agreement.
Offer
Ordinances
Agent
Bailee
23. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Bill of Lading
Agent
Uniform Commercial Code
Sale
24. A body of persons elected by the stockholders to define and establish corporate policy.
General Agent
Board of Directors
Service Contracts
Authority
25. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Foreign Corporation
Public Corporation
Express Contract
26. Stock with an assigned face vale.
Disaffirmance
Par-value Stock
Check
Injunction
27. An agreement to an offer resulting in a contract.
Executory Contracts
Simple Contract
Acceptance
Bill of Lading
28. The act of transferring ownership of a negotiable instrument to another party.
Plaintiff
Negotiation
Discharge
Bill of Sale
29. Laws which are enacted by legislative bodies.
Trial Courts
Statutes
Business Law
Consignor
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.
Rescission
Executed Contracts
General Agent
Uniform Commercial Code
31. A check for which the bank assures that the drawer has sufficient funds to make payment.
Special Performance
Summons (Process)
Certified Check
Formal Contract
32. The person - company - or financial institution ordered to pay a draft.
Drawee
Alien corporation
Consideration
Crime
33. 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.
Sherman Antitrust Act
Malpractice
Judgment
Corporation
34. Partner unknown to public with no part in management.
Dormant or sleeping partner
Counteroffer
Duress
Property
35. Official document detailing a defendant's defense.
Simple Contract
Fraud
Answer
Liquidated Damages
36. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Secret Partner
Discovery
Beneficiary
Warranties
37. Having no words other than the signature of the endorser.
Answer
Sole proprietorship
Blank Endorsement
Consideration
38. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Business Law
Void Contract
Corporation
39. Charging a person with a crime and asking for that person's plea.
Negotiable Instrument (Commercial Paper)
Voidable Contract
Employee
Arraignment
40. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Bailee
Business Law
Usurious
41. A negotiable instrument containing a promise to pay.
Real Property
Promissory Note
Fiduciary
Necessaries (Necessities)
42. 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
Qualified Endorsement
Minor
Independent Contractor
Sale
43. Laws which seek to promote competition among businesses.
Stare Decisis
Consignor
Unenforceable Contract
Antitrust
44. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Assignee
Limited Partner
Booking
45. A business owned by one person.
Statute of Limitations
Sole proprietorship
Board of Directors
Defendant
46. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Shareholders (Stockholders)
Statute of Limitations
Consignee
47. Those goods which are - at the time of the contract - in existence and owned by the seller.
Intangible Personal Property
Silent Partner
Commercial Paper (Negotiable Instrument)
Existing Goods
48. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Check
Nominal Damages
Criminal Law
49. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Bill of Lading
Misrepresentation
Nominal Damages
50. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contractual Capability
Contract to Sell
Offeror
Assignment