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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. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Bill of Lading
Public Corporation
Partnership
2. The party to whom the assignment is made.
Order Paper
Dormant or sleeping partner
Void Contract
Assignee
3. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Duress
Express Warranty
Statutes
Arrest
4. An individual actively and openly engaged in the business and held out to everyone as a partner.
Foreign Corporation
Misdemeanor
General Partner
Law (Blackstone's Definition)
5. The person who executes a promissory note.
Maker
Law (Blackstone's Definition)
Bearer
Rescission
6. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Offer
Principal
Antitrust
7. The repudiation of - or election to avoid - a voidable contract.
Disaffirmance
General Agent
Summons (Process)
Booking
8. An agreement which is not in the form required by law.
Unenforceable Contract
Felony
Order Paper
Shareholders (Stockholders)
9. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Treasury Stock
Corporation
Negotiation
10. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Foreign Corporation
Qualified Endorsement
Statutes
11. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Property
Subchapter S Corporation
Stare Decisis
Certified Check
12. Stock that entitles owner vote.
Silent Partner
Contract to Sell
Common Stock
General Partner
13. Laws dealing with crimes and the punishment of wrongdoers.
Criminal Law
Injunction
Tort
Void Contract
14. A business owned by one person.
Personal Property
Preferred Stock
Public Corporation
Sole proprietorship
15. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Executory Contracts
Bearer
Warranties
16. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Intangible Personal Property
Unilateral Contract
Discharge
Sherman Antitrust Act
17. The signature or statement of purpose by the owner on the back of the instrument.
Booking
Executory Contracts
Endorsement
Public Corporation
18. One in possession of commercial paper.
Holder
Future Goods
Personal Property
Assignor
19. Power to act for someone else.
Trial Courts
General Partner
Authority
Merchant
20. One who takes initial steps to form corporation.
Uniform Commercial Code
Executory Contracts
Capital Stock
Promoter
21. An agreement to an offer resulting in a contract.
Acceptance
Negotiable Instrument (Commercial Paper)
Bill of Sale
Simple Contract
22. Pretrial steps taken to learn the details of the case.
Discovery
Blank Endorsement
Negotiation
Answer
23. Those goods which are - at the time of the contract - in existence and owned by the seller.
Unilateral Contract
Existing Goods
Discovery
Common Stock
24. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Booking
Executed Contracts
Valid Contract
Novation
25. Court hearing cases appealed from lower courts.
Corporation
Appellate Court
Foreign Corporation
Arrest
26. Stock reacquired by a corporation.
Treasury Stock
Summons (Process)
Arraignment
Process (Summons)
27. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Breach of Contract
Arrest
Negotiation
28. The change of one of the parties to a contract at the mutual agreement of the original parties.
Rescission
Corporation
Novation
Implied Authority
29. Confirming an act that was executed without authority or an act which was voidable.
Future Goods
Ratification
Simple Contract
Offer
30. A person in possession of an instrument.
Contractual Capability
Goods
Acceptance
Bearer
31. A check for which the bank assures that the drawer has sufficient funds to make payment.
Implied Contract
Antitrust
Payee
Certified Check
32. One who ships goods by common carrier.
Consignor
Future Goods
Negligence
Express Authority
33. A warranty imposed by law - arising automatically because the sale has been made.
Statute of Limitations
Special Performance
Principal
Implied Warranties
34. Operates in the state that granted the charter.
Future Goods
Board of Directors
Warranties
Domestic corporation
35. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Offer
Revocation
Statute of Frauds
Domestic corporation
36. An agreement of no legal effect.
Contract to Sell
Breach of Contract
Void Contract
Cashier's Check
37. An endorsement which prevents the use of the instrument for anything except the stated use.
Usurious
Agent
Appellate Court
Restrictive Endorsement
38. Partner unknown to public with no part in management.
Law (Blackstone's Definition)
Draft
Dormant or sleeping partner
Contract to Sell
39. That consideration stipulated by contract - generally expressed in money or money's worth.
Ordinances
Future Goods
Price
Malpractice
40. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Negotiation
Shareholders (Stockholders)
Formal Contract
Executed Contracts
41. Stock with an assigned face vale.
Employer
Complaint (petition)
Par-value Stock
Treasury Stock
42. Movable tangible personal property.
Goods
Commercial Paper (Negotiable Instrument)
Appellate Court
Stare Decisis
43. The person who executes any draft.
Drawer
Assignment
Public Corporation
Draft
44. A law that restricts the period of time within which an action may be brought to court.
Injunction
Statute of Limitations
Payee
Commercial Paper (Negotiable Instrument)
45. Anything that may be owned.
Endorsement
Process (Summons)
Property
Complaint (petition)
46. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Sale
Intangible Personal Property
Donee Beneficiary
Consignee
47. Person not party to a contract - but whom parties intended to benefit.
Third Party Beneficiary
Secret Partner
Par-value Stock
Partnership
48. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Independent Contractor
Misrepresentation
Counteroffer
Consignor
49. One that is incorporated in a foreign country.
Assignor
Certificate of Deposit
Intangible Personal Property
Alien corporation
50. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Beneficiary
Antitrust
Employer
Agent