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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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.
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. Partner active in a business unknown to the public.
Alien corporation
Offer
Secret Partner
Unenforceable Contract
2. Pretrial steps taken to learn the details of the case.
Discovery
Disaffirmance
Alien corporation
Special Performance
3. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Unenforceable Contract
Principal
Service Contracts
4. 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
Valid Contract
Check
Independent Contractor
Authority
5. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Implied Contract
Subchapter S Corporation
Necessaries (Necessities)
Donee Beneficiary
6. Declared value of outstanding stock.
Ordinances
Check
Drawer
Capital Stock
7. 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.
Novation
Process (Summons)
Criminal Law
Answer
8. A decision of a court.
Contractual Capability
Judgment
Promissory Estoppel
Intangible Personal Property
9. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Independent Contractor
Nominal Damages
Principal
Sale
10. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Blank Endorsement
Trial Courts
Creditor Beneficiary
General Partner
11. Those contracts in which the terms have not been completely executed or fulfilled.
Booking
Payee
Executory Contracts
Discovery
12. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Contract to Sell
Felony
Employee
13. Having no words other than the signature of the endorser.
Foreign Corporation
Blank Endorsement
Bill of Sale
Valid Contract
14. Person not party to a contract - but whom parties intended to benefit.
Third Party Beneficiary
Misrepresentation
Negotiation
Petition (Complaint)
15. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Secret Partner
Fiduciary
Promissory Note
16. Stating an untrue fact.
Dormant or sleeping partner
Misrepresentation
Novation
Revocation
17. Person who pretends to be a partner or permits others to represent him or her as a partner.
Liquidated Damages
Bearer Paper
Acceptance
Nominal Partner
18. Land and those objects permanently attached to land. Rejection refusal to accept.
Drawer
Sherman Antitrust Act
Defendant
Real Property
19. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Executory Contracts
Antitrust
Implied Contract
Discovery
20. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Arrest
Promissory Estoppel
Agent
Discharge
21. Those goods which are - at the time of the contract - in existence and owned by the seller.
Injunction
Maker
Existing Goods
Real Property
22. To take into police custody.
Warranties
Breach of Contract
Implied Contract
Arrest
23. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Bearer
Unilateral Contract
Express Contract
Contract to Sell
24. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Employee
General Partner
Special Performance
25. An award paid to the injured party to cover the exact amount of their loss - but no more.
Beneficiary
Consideration
Compensatory Damages
Defendant
26. 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.
Bill of Lading
General Agent
Cashier's Check
Undue Influence
27. Official document detailing a defendant's defense.
Limited Liability Corporation
Answer
Law (Blackstone's Definition)
Complaint (petition)
28. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Bailee
Breach of Contract
Identified Goods
Rescission
29. An agreement which is not in the form required by law.
Domestic corporation
Counteroffer
Unenforceable Contract
Novation
30. 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.
Offer
Dormant or sleeping partner
Merchant
Complaint (petition)
31. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Private Corporation
Stare Decisis
Existing Goods
32. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Promoter
Contract to Sell
Capital Stock
Holder
33. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Limited Partner
Defendant
Implied Contract
34. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Unenforceable Contract
Stockholders (Shareholders)
Blank Endorsement
Appellate Court
35. One authorized by the principal to execute specific acts.
Real Property
Special Agent
Assignor
Special Endorsement
36. An individual who takes no active part in the management of a business but has capital invested in the business.
Par-value Stock
Compensatory Damages
Void Contract
Silent Partner
37. An offense which is injurious to society as a whole.
Intangible Personal Property
Crime
Payee
Certified Check
38. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Negligence
Petition (Complaint)
Uniform Commercial Code
Maker
39. Canceling - annulling - avoiding.
Rescission
Warranties
Valid Contract
Private Corporation
40. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Minor
Promissory Note
Formal Contract
41. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Capital Stock
Answer
Express Warranty
Offeror
42. Person who writes his or her name on back of instrument.
Ratification
Endorser
Rescission
Private Corporation
43. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Restrictive Endorsement
Stockholders (Shareholders)
Merchant
Shareholders (Stockholders)
44. 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.
Disaffirmance
Board of Directors
Commercial Paper (Negotiable Instrument)
Ratification
45. A judicial order or decree forbidding the performance of a certain act.
Appellate Court
Consideration
Malpractice
Injunction
46. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
General Partner
Business Law
Necessaries (Necessities)
47. The party to whom the assignment is made.
Voidable Contract
Assignor
Assignee
Preferred Stock
48. The party who initiates - or makes - an offer.
Donee Beneficiary
Valid Contract
Close (closed - closely held) corporation
Offeror
49. One who takes initial steps to form corporation.
Promissory Note
Agent
Shareholders (Stockholders)
Promoter
50. The party who gives up possession - but not title - of property in a bailment.
Existing Goods
Offer
Unilateral Contract
Bailor
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