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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. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Holder
Third Party Beneficiary
Undue Influence
Negligence
2. Canceling - annulling - avoiding.
Bearer
Express Authority
Rescission
Criminal Law
3. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Counteroffer
Endorsement
Donee Beneficiary
4. One who ships goods by common carrier.
Consignor
Negotiation
Ratification
Third Party Beneficiary
5. A check for which the bank assures that the drawer has sufficient funds to make payment.
Summons (Process)
Contract to Sell
Certified Check
Sherman Antitrust Act
6. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Assignment
Punitive Damages
Capital Stock
Board of Directors
7. Movable tangible personal property.
Unenforceable Contract
Arraignment
Compensatory Damages
Goods
8. An individual actively and openly engaged in the business and held out to everyone as a partner.
Endorsement
Contractual Capability
General Partner
Foreign Corporation
9. Those contracts that must be in special form or produced in a certain way - such as under seal.
Negligence
Novation
Formal Contract
Counteroffer
10. The change of one of the parties to a contract at the mutual agreement of the original parties.
Foreign Corporation
Misrepresentation
Novation
Service Contracts
11. A contract which will be enforced by the court.
Holder
Disaffirmance
Usurious
Valid Contract
12. An endorsement which designates the particular person to whom payment is to be made.
Offeree
Special Endorsement
Shareholders (Stockholders)
Summons (Process)
13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Preferred Stock
Unilateral Contract
Process (Summons)
Liquidated Damages
14. One in possession of commercial paper.
Holder
Price
Consideration
Employer
15. The party to whom any negotiable instrument is made payable.
Private Corporation
Bearer Paper
Promoter
Payee
16. The person against whom legal action is brought. 1
Defendant
Contract to Sell
Payee
Statute of Limitations
17. Any contract other than a formal contract - whether written - oral or implied.
Counteroffer
Close (closed - closely held) corporation
Simple Contract
Drawer
18. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Consignor
Executory Contracts
Minor
Preferred Stock
19. A corporation formed by individuals to form some non-governmental function.
Voidable Contract
Private Corporation
Payee
Restrictive Endorsement
20. The person who executes any draft.
Executed Contracts
Drawer
Limited Partner
Misrepresentation
21. One to whom goods are shipped by common carrier.
Capital Stock
Consignee
Commercial Paper (Negotiable Instrument)
Payee
22. A corporation formed to carry out government functions.
Close (closed - closely held) corporation
Public Corporation
Simple Contract
Accord and Satisfaction
23. The person - company - or financial institution ordered to pay a draft.
Order Paper
Executed Contracts
Drawee
Drawer
24. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Blank Endorsement
Punitive Damages
Breach of Contract
Assignor
25. The repudiation of - or election to avoid - a voidable contract.
Sale
Negligence
Bearer
Disaffirmance
26. Laws which are enacted by legislative bodies.
Public Corporation
Personal Property
Appellate Court
Statutes
27. Courts that conduct the original trial and render their decision.
Partnership
Trial Courts
Treasury Stock
Executory Contracts
28. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Judgment
Bill of Sale
Negligence
29. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Appellate Court
Cashier's Check
Ratification
30. An agent's authority to do things not specifically authorized in order to carry out express authority.
Authority
Implied Authority
Duress
Injunction
31. The party who gives up possession - but not title - of property in a bailment.
Order Paper
Certificate of Deposit
Express Warranty
Bailor
32. The party who acquires possession but not the title of personal property in a bailment.
Implied Authority
Bailee
Valid Contract
Bailment
33. That which the promisor demands and receives as the price for a promise.
Usurious
Close (closed - closely held) corporation
Consideration
Void Contract
34. 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.
Minor
Sole proprietorship
Duress
Ordinances
35. 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.
Arraignment
Goods
Express Contract
Fraud
36. The necessity that the parties desiring to enter into contracts meet all requirements.
Alien corporation
Contractual Capability
Corporation
Board of Directors
37. A person in possession of an instrument.
Process (Summons)
Qualified Endorsement
Personal Property
Bearer
38. The act of transferring ownership of a negotiable instrument to another party.
Discharge
Offeror
Check
Negotiation
39. Stock reacquired by a corporation.
Board of Directors
Treasury Stock
Domestic corporation
Special Performance
40. 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.
Alien corporation
Bill of Sale
Dormant or sleeping partner
Corporation
41. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Discovery
Merchant
Offeror
Promoter
42. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Disaffirmance
Bailee
Negotiable Instrument (Commercial Paper)
43. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Endorsement
Fiduciary
Negotiation
Accord and Satisfaction
44. A judicial order or decree forbidding the performance of a certain act.
Injunction
Check
Novation
Bailor
45. 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.
Drawee
Arraignment
Commercial Paper (Negotiable Instrument)
Rescission
46. A written request initiating a civil suit.
Independent Contractor
Complaint (petition)
Implied Warranties
Special Agent
47. The contracting of services rather than goods.
Service Contracts
Secret Partner
Judgment
Trial Courts
48. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Plaintiff
Revocation
Authority
49. The goods specified by the buyer and seller.
Domestic corporation
General Agent
Identified Goods
Injunction
50. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Offeree
Secret Partner
Voidable Contract
Minor