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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. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Payee
Beneficiary
Implied Authority
Board of Directors
2. The party making the assignment.
Consideration
Assignor
Negotiation
Payee
3. 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.
Future Goods
Negotiable Instrument (Commercial Paper)
Felony
Summons (Process)
4. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Contract to Sell
Identified Goods
Formal Contract
5. A law that restricts the period of time within which an action may be brought to court.
Misrepresentation
Statute of Limitations
Usurious
Undue Influence
6. The necessity that the parties desiring to enter into contracts meet all requirements.
Partnership
Contractual Capability
Donee Beneficiary
Usurious
7. The person who executes any draft.
Goods
Service Contracts
Drawer
Necessaries (Necessities)
8. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Price
Business Law
Discharge
Donee Beneficiary
9. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Public Corporation
Statutes
Crime
10. The transfer of possession but not the title of personal property by one party to another - under agreement.
Criminal Law
Consignee
Bailment
Assignor
11. The person who executes a promissory note.
Principal
Maker
Assignor
Special Agent
12. Official document detailing a defendant's defense.
Negligence
Answer
Private Corporation
Usurious
13. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Draft
Arrest
Consideration
14. 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.
Partnership
Misrepresentation
Valid Contract
Third Party Beneficiary
15. One who takes initial steps to form corporation.
Service Contracts
Unenforceable Contract
Shareholders (Stockholders)
Promoter
16. A decision of a court.
Future Goods
Judgment
Principal
Promoter
17. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Unenforceable Contract
Necessaries (Necessities)
Breach of Contract
18. An individual who takes no active part in the management of a business but has capital invested in the business.
Treasury Stock
Employee
Silent Partner
Authority
19. Exceeding the maximum rate of interest which may be charged on loans.
Process (Summons)
Ordinances
Usurious
Voidable Contract
20. Stock that entitles owner vote.
Special Performance
Ratification
Special Agent
Common Stock
21. Those goods which are not in existence at the time a contract is agreed to.
Contract to Sell
Cashier's Check
Restrictive Endorsement
Future Goods
22. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Revocation
Express Warranty
Summons (Process)
Secret Partner
23. An individual actively and openly engaged in the business and held out to everyone as a partner.
Negotiable Instrument (Commercial Paper)
Misdemeanor
General Partner
Uniform Commercial Code
24. An agreement to an offer resulting in a contract.
Negligence
Formal Contract
Acceptance
Donee Beneficiary
25. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Merchant
Employee
Process (Summons)
Counteroffer
26. The party who gives up possession - but not title - of property in a bailment.
Merchant
Bailee
Principal
Bailor
27. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Check
Consignee
Principal
Negotiable Instrument (Commercial Paper)
28. The signature or statement of purpose by the owner on the back of the instrument.
Petition (Complaint)
Endorsement
Express Authority
Special Endorsement
29. Those contracts in which the terms have not been completely executed or fulfilled.
Bailment
Statute of Limitations
Executory Contracts
Express Warranty
30. A written request initiating a civil suit.
Property
Complaint (petition)
Accord and Satisfaction
Antitrust
31. A criminal offense that is punishable by confinement in prison or by death.
Simple Contract
Future Goods
Certificate of Deposit
Felony
32. The person against whom legal action is brought. 1
General Partner
Defendant
Novation
Fraud
33. A contract which will be enforced by the court.
Judgment
Voidable Contract
Maker
Valid Contract
34. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Cashier's Check
Existing Goods
Negotiation
35. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Process (Summons)
Commercial Paper (Negotiable Instrument)
Alien corporation
Subchapter S Corporation
36. Stating an untrue fact.
Misrepresentation
Promissory Estoppel
Accord and Satisfaction
Preferred Stock
37. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Valid Contract
Dormant or sleeping partner
Sale
Contractual Capability
38. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Special Performance
Bailor
Sherman Antitrust Act
Minor
39. 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.
Check
Corporation
Promissory Estoppel
Endorsement
40. Person who writes his or her name on back of instrument.
Endorser
Sherman Antitrust Act
Liquidated Damages
General Partner
41. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Trial Courts
Law (Blackstone's Definition)
Offer
Voidable Contract
42. Partner unknown to public with no part in management.
Bill of Lading
Authority
Holder
Dormant or sleeping partner
43. Court hearing cases appealed from lower courts.
Revocation
Special Performance
Appellate Court
Defendant
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.
Close (closed - closely held) corporation
Common Stock
Promoter
Promissory Estoppel
45. 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.
Endorser
Fraud
Criminal Law
Par-value Stock
46. The authority of an agent - stated in the document or agreement creating the agency.
Certified Check
Property
Assignee
Express Authority
47. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Commercial Paper (Negotiable Instrument)
Executory Contracts
Undue Influence
Misrepresentation
48. Person who pretends to be a partner or permits others to represent him or her as a partner.
Check
Service Contracts
Nominal Partner
Personal Property
49. The party who acquires possession but not the title of personal property in a bailment.
Secret Partner
Bailee
General Partner
Statute of Limitations
50. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Cashier's Check
Commercial Paper (Negotiable Instrument)
Fraud