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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. The party who acquires possession but not the title of personal property in a bailment.
Liquidated Damages
Bill of Sale
Criminal Law
Bailee
2. That which the promisor demands and receives as the price for a promise.
Sole proprietorship
Necessaries (Necessities)
Consideration
Special Endorsement
3. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Negotiable Instrument (Commercial Paper)
Warranties
Preferred Stock
Negligence
4. An endorsement which limits the liability of the endorser.
Arraignment
Statutes
Law (Blackstone's Definition)
Qualified Endorsement
5. The contract existing between the consignor (shipper) and the carrier.
Par-value Stock
Statute of Limitations
Bill of Lading
Liquidated Damages
6. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Bailment
Ratification
Authority
Executed Contracts
7. Person not party to a contract - but whom parties intended to benefit.
Partnership
Misdemeanor
Third Party Beneficiary
Offer
8. An agreement which is not in the form required by law.
Discovery
Unenforceable Contract
Accord and Satisfaction
Uniform Commercial Code
9. An expression of willingness to enter a contractual agreement.
Judgment
Offer
Malpractice
Bailee
10. Power to act for someone else.
Authority
Unilateral Contract
Personal Property
Third Party Beneficiary
11. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Special Agent
Accord and Satisfaction
Real Property
12. Those contracts in which the terms have not been completely executed or fulfilled.
Intangible Personal Property
Preferred Stock
Executory Contracts
Revocation
13. Pretrial steps taken to learn the details of the case.
Revocation
Discovery
Certificate of Deposit
Statute of Limitations
14. A law that restricts the period of time within which an action may be brought to court.
Voidable Contract
Misdemeanor
Statute of Limitations
Certified Check
15. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Arraignment
Discharge
Subchapter S Corporation
Limited Liability Corporation
16. Those goods which are not in existence at the time a contract is agreed to.
Statute of Limitations
Future Goods
Revocation
Ratification
17. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Secret Partner
Novation
Implied Authority
Beneficiary
18. 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
Independent Contractor
Implied Warranties
Sale
Express Warranty
19. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Tort
Implied Warranties
Negligence
Employer
20. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Offeror
Real Property
Secret Partner
21. Operates in the state that granted the charter.
Domestic corporation
Agent
Authority
Contract
22. The party making the assignment.
Assignor
Plaintiff
Close (closed - closely held) corporation
Secret Partner
23. The repudiation of - or election to avoid - a voidable contract.
Foreign Corporation
Bailee
Disaffirmance
Consideration
24. One who ships goods by common carrier.
Treasury Stock
Sale
Authority
Consignor
25. The goods specified by the buyer and seller.
Consignor
Bailor
Check
Identified Goods
26. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Goods
Independent Contractor
Express Warranty
Bearer
27. An agent's authority to do things not specifically authorized in order to carry out express authority.
Authority
Principal
Implied Authority
Antitrust
28. Those contracts that must be in special form or produced in a certain way - such as under seal.
Corporation
Undue Influence
Necessaries (Necessities)
Formal Contract
29. The party to whom the assignment is made.
Process (Summons)
Payee
Assignee
Criminal Law
30. The individual who initiates a civil action.
Preferred Stock
Discovery
Rescission
Plaintiff
31. One in possession of commercial paper.
Third Party Beneficiary
Holder
Employee
Existing Goods
32. Stock reacquired by a corporation.
Offer
Usurious
Treasury Stock
Real Property
33. The person against whom legal action is brought. 1
Statutes
Endorser
Defendant
Promoter
34. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Defendant
Check
Sherman Antitrust Act
Future Goods
35. A warranty imposed by law - arising automatically because the sale has been made.
Stare Decisis
Statute of Frauds
Implied Warranties
Breach of Contract
36. Laws which seek to promote competition among businesses.
Antitrust
Special Performance
Secret Partner
Misdemeanor
37. One authorized by the principal to execute specific acts.
Misrepresentation
Consignee
Statutes
Special Agent
38. A business owned by one person.
Sole proprietorship
Criminal Law
Implied Authority
Cashier's Check
39. All property which is not real property.
Goods
Common Stock
Holder
Personal Property
40. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Board of Directors
General Partner
Preferred Stock
Tort
41. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Simple Contract
Stockholders (Shareholders)
Independent Contractor
Revocation
42. Official document detailing a defendant's defense.
Consideration
Private Corporation
Misrepresentation
Answer
43. 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
Contract
Booking
Usurious
Secret Partner
44. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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45. Laws dealing with crimes and the punishment of wrongdoers.
Sole proprietorship
Future Goods
Assignment
Criminal Law
46. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Arraignment
Alien corporation
Minor
47. Any contract other than a formal contract - whether written - oral or implied.
Negligence
Limited Partner
Simple Contract
Minor
48. A decision of a court.
Nominal Damages
Sale
Private Corporation
Judgment
49. Court hearing cases appealed from lower courts.
Drawee
Nominal Partner
Booking
Appellate Court
50. 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.
Fraud
General Agent
Shareholders (Stockholders)
Consignor