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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. Any contract other than a formal contract - whether written - oral or implied.
Public Corporation
Certificate of Deposit
Simple Contract
Subchapter S Corporation
2. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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3. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Independent Contractor
Sale
Commercial Paper (Negotiable Instrument)
Foreign Corporation
4. A check for which the bank assures that the drawer has sufficient funds to make payment.
Petition (Complaint)
Par-value Stock
Certified Check
Booking
5. Stock reacquired by a corporation.
Treasury Stock
Punitive Damages
Stare Decisis
Appellate Court
6. The individual who initiates a civil action.
Plaintiff
Alien corporation
Bailment
Assignment
7. Land and those objects permanently attached to land. Rejection refusal to accept.
Booking
Special Endorsement
Compensatory Damages
Real Property
8. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Contract to Sell
Bill of Sale
Unenforceable Contract
9. Laws which are enacted by legislative bodies.
Price
Endorser
Statutes
Promoter
10. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Bailor
Subchapter S Corporation
Unilateral Contract
11. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Agent
Business Law
Novation
12. Laws which seek to promote competition among businesses.
Assignment
Trial Courts
Antitrust
Valid Contract
13. An agent's authority to do things not specifically authorized in order to carry out express authority.
Minor
Secret Partner
Implied Authority
Assignee
14. The repudiation of - or election to avoid - a voidable contract.
Minor
Disaffirmance
Board of Directors
Warranties
15. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Limited Liability Corporation
Certificate of Deposit
Necessaries (Necessities)
Process (Summons)
16. A contract remedy by which the court requires the breaching party to perform the contract.
Alien corporation
Special Performance
Holder
Usurious
17. Operates in the state that granted the charter.
Domestic corporation
Misrepresentation
Beneficiary
Fraud
18. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Order Paper
Nominal Partner
Defendant
Duress
19. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Subchapter S Corporation
Petition (Complaint)
Blank Endorsement
20. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Drawer
Minor
Formal Contract
Discharge
21. The person to whom an offer is made.
Offeree
Contract to Sell
Acceptance
Implied Warranties
22. Having no words other than the signature of the endorser.
Bill of Sale
Blank Endorsement
Complaint (petition)
Express Authority
23. One who takes initial steps to form corporation.
Restrictive Endorsement
Promoter
Endorsement
Merchant
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.
Board of Directors
Bill of Lading
Merchant
Special Performance
25. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Malpractice
Fiduciary
Restrictive Endorsement
Preferred Stock
26. A warranty imposed by law - arising automatically because the sale has been made.
Special Endorsement
Defendant
Express Authority
Implied Warranties
27. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Minor
Duress
Promissory Note
28. Those goods which are - at the time of the contract - in existence and owned by the seller.
Common Law
Existing Goods
Voidable Contract
Cashier's Check
29. Person who writes his or her name on back of instrument.
Implied Warranties
Special Agent
Endorser
Property
30. The party to whom the assignment is made.
Breach of Contract
Simple Contract
Petition (Complaint)
Assignee
31. An agreement which is not in the form required by law.
Unenforceable Contract
Implied Contract
Unilateral Contract
Restrictive Endorsement
32. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Real Property
Implied Authority
Accord and Satisfaction
Common Law
33. An offense which is injurious to society as a whole.
Accord and Satisfaction
Crime
Injunction
Drawer
34. A decision of a court.
Offeree
Subchapter S Corporation
Injunction
Judgment
35. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Necessaries (Necessities)
Voidable Contract
Novation
Unenforceable Contract
36. Partner active in a business unknown to the public.
Commercial Paper (Negotiable Instrument)
Sole proprietorship
Secret Partner
Breach of Contract
37. Stock with an assigned face vale.
Par-value Stock
Corporation
Discharge
Liquidated Damages
38. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Par-value Stock
Negotiable Instrument (Commercial Paper)
Third Party Beneficiary
Silent Partner
39. 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.
Offeree
Limited Liability Corporation
Crime
Process (Summons)
40. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Drawee
Offeror
Agent
41. 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.
Employer
Misdemeanor
Assignment
Contract
42. Exceeding the maximum rate of interest which may be charged on loans.
Principal
Special Endorsement
Usurious
Par-value Stock
43. That consideration stipulated by contract - generally expressed in money or money's worth.
Creditor Beneficiary
Cashier's Check
Stare Decisis
Price
44. 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.
Criminal Law
Stare Decisis
Petition (Complaint)
General Partner
45. An endorsement which limits the liability of the endorser.
Special Performance
Arrest
General Agent
Qualified Endorsement
46. 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.
Assignment
Complaint (petition)
Summons (Process)
Revocation
47. A corporation formed to carry out government functions.
Restrictive Endorsement
Public Corporation
Board of Directors
Special Agent
48. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Executory Contracts
Plaintiff
Punitive Damages
49. Laws dealing with crimes and the punishment of wrongdoers.
Consignee
Criminal Law
Law (Blackstone's Definition)
Business Law
50. The person who executes any draft.
Misdemeanor
Nominal Damages
Authority
Drawer