SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 transfer of title to goods from the seller to the buyer for a consideration called the price.
Ratification
Sale
Liquidated Damages
Business Law
2. Person who writes his or her name on back of instrument.
Punitive Damages
Endorser
Secret Partner
Goods
3. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Ratification
Accord and Satisfaction
Express Warranty
Limited Liability Corporation
4. Partner active in a business unknown to the public.
Nominal Partner
Statute of Limitations
Injunction
Secret Partner
5. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Bailee
Beneficiary
Implied Contract
Maker
6. An agreement which is not in the form required by law.
Public Corporation
Unenforceable Contract
Goods
Usurious
7. The transfer of possession but not the title of personal property by one party to another - under agreement.
Implied Contract
Bailment
Crime
Process (Summons)
8. 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.
Discharge
Rescission
Corporation
Par-value Stock
9. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Close (closed - closely held) corporation
Voidable Contract
Drawee
Consignee
10. Court hearing cases appealed from lower courts.
Appellate Court
Discharge
Felony
Promissory Estoppel
11. One in possession of commercial paper.
Criminal Law
Holder
Drawer
Summons (Process)
12. The contracting of services rather than goods.
Service Contracts
Consideration
Tort
Sherman Antitrust Act
13. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Endorser
Express Warranty
Nominal Partner
Restrictive Endorsement
14. The person who executes any draft.
Drawer
Capital Stock
Certificate of Deposit
General Agent
15. Land and those objects permanently attached to land. Rejection refusal to accept.
Misdemeanor
General Partner
Real Property
Bill of Sale
16. Confirming an act that was executed without authority or an act which was voidable.
Complaint (petition)
Undue Influence
Ratification
Breach of Contract
17. Those contracts that must be in special form or produced in a certain way - such as under seal.
Close (closed - closely held) corporation
Par-value Stock
Formal Contract
Qualified Endorsement
18. Anything that may be owned.
Alien corporation
Identified Goods
Property
Holder
19. The contract existing between the consignor (shipper) and the carrier.
Crime
Employer
Answer
Bill of Lading
20. Stock that entitles owner vote.
Identified Goods
Common Stock
Certificate of Deposit
Endorsement
21. The authority of an agent - stated in the document or agreement creating the agency.
Sale
Express Authority
Special Agent
Assignee
22. The necessity that the parties desiring to enter into contracts meet all requirements.
Check
Summons (Process)
Contractual Capability
Shareholders (Stockholders)
23. 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.
Judgment
Promissory Estoppel
Law (Blackstone's Definition)
Partnership
24. 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.
Merchant
Accord and Satisfaction
Certificate of Deposit
Sole proprietorship
25. Official document detailing a defendant's defense.
Crime
Executed Contracts
Compensatory Damages
Answer
26. Canceling - annulling - avoiding.
Rescission
Blank Endorsement
Nominal Damages
Unilateral Contract
27. 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.
Creditor Beneficiary
Injunction
Negotiable Instrument (Commercial Paper)
Sherman Antitrust Act
28. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Discharge
Drawee
Process (Summons)
Contract to Sell
29. Operates in the state that granted the charter.
Ratification
Domestic corporation
Donee Beneficiary
Business Law
30. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Complaint (petition)
Bill of Sale
Express Warranty
Donee Beneficiary
31. The repudiation of - or election to avoid - a voidable contract.
Bearer Paper
Disaffirmance
Property
Merchant
32. 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.
Price
Fraud
Par-value Stock
General Agent
33. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Drawee
Undue Influence
Unilateral Contract
Felony
34. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Employee
Restrictive Endorsement
Endorsement
35. A written request initiating a civil suit.
Unilateral Contract
Express Warranty
Implied Contract
Petition (Complaint)
36. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Compensatory Damages
Injunction
Stare Decisis
Private Corporation
37. Movable tangible personal property.
Goods
Preferred Stock
Answer
Crime
38. Person who pretends to be a partner or permits others to represent him or her as a partner.
Bill of Lading
Nominal Partner
Par-value Stock
Petition (Complaint)
39. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Preferred Stock
Criminal Law
Ordinances
Intangible Personal Property
40. Pretrial steps taken to learn the details of the case.
Express Contract
Discovery
Corporation
Necessaries (Necessities)
41. An offense which is injurious to society as a whole.
Sale
Check
Crime
Principal
42. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Special Performance
Necessaries (Necessities)
Existing Goods
43. A check for which the bank assures that the drawer has sufficient funds to make payment.
Real Property
Voidable Contract
Usurious
Certified Check
44. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Stockholders (Shareholders)
Accord and Satisfaction
Domestic corporation
Foreign Corporation
45. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Cashier's Check
Novation
Endorser
46. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Formal Contract
Public Corporation
Business Law
Subchapter S Corporation
47. Laws which are enacted by legislative bodies.
Statutes
Merchant
Sole proprietorship
Tort
48. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Payee
Minor
Shareholders (Stockholders)
Offeree
49. The person to whom an offer is made.
Bailment
Qualified Endorsement
Unilateral Contract
Offeree
50. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Arrest
Foreign Corporation
Qualified Endorsement