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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. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Capital Stock
Promoter
Minor
2. One who ships goods by common carrier.
Consignor
Liquidated Damages
Common Law
Misrepresentation
3. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Business Law
Check
Arrest
4. An agreement of no legal effect.
Bearer
Void Contract
Sherman Antitrust Act
Foreign Corporation
5. The contract existing between the consignor (shipper) and the carrier.
Bill of Lading
Treasury Stock
Identified Goods
Partnership
6. A check drawn on a bank's own funds and signed by a responsible bank official.
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7. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Blank Endorsement
Rescission
Disaffirmance
8. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Voidable Contract
Employee
Appellate Court
9. A business owned by one person.
Implied Warranties
Implied Contract
Sole proprietorship
Holder
10. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Compensatory Damages
Qualified Endorsement
Malpractice
Foreign Corporation
11. The party who acquires possession but not the title of personal property in a bailment.
Usurious
General Agent
Undue Influence
Bailee
12. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Limited Partner
Liquidated Damages
Limited Liability Corporation
Order Paper
13. Person who pretends to be a partner or permits others to represent him or her as a partner.
Check
Nominal Partner
Bailment
Public Corporation
14. A decision of a court.
Business Law
Judgment
Minor
Cashier's Check
15. That which the promisor demands and receives as the price for a promise.
Nominal Damages
Consideration
Plaintiff
Booking
16. The party to whom the assignment is made.
General Agent
Assignee
Assignment
Property
17. A criminal offense that is punishable by confinement in prison or by death.
Answer
Bearer
Goods
Felony
18. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Ordinances
Public Corporation
Process (Summons)
Foreign Corporation
19. Having no words other than the signature of the endorser.
Beneficiary
Arraignment
Blank Endorsement
Alien corporation
20. An individual actively and openly engaged in the business and held out to everyone as a partner.
Tort
General Partner
Creditor Beneficiary
Bailor
21. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Cashier's Check
Executed Contracts
Valid Contract
Stockholders (Shareholders)
22. The individual who initiates a civil action.
Plaintiff
Independent Contractor
Partnership
Accord and Satisfaction
23. Laws enacted by local municipalities.
Ordinances
Misdemeanor
Offeree
General Agent
24. One in possession of commercial paper.
Voidable Contract
Simple Contract
Holder
Bill of Lading
25. The repudiation of - or election to avoid - a voidable contract.
Unilateral Contract
Ratification
Secret Partner
Disaffirmance
26. Pretrial steps taken to learn the details of the case.
Discovery
Service Contracts
Assignor
Promissory Estoppel
27. Declared value of outstanding stock.
Undue Influence
Blank Endorsement
Capital Stock
Formal Contract
28. 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.
Board of Directors
Misdemeanor
Employer
Implied Authority
29. Official document detailing a defendant's defense.
Answer
Holder
Express Warranty
Bearer
30. Partner unknown to public with no part in management.
Identified Goods
Agent
Dormant or sleeping partner
Close (closed - closely held) corporation
31. Canceling - annulling - avoiding.
Promissory Estoppel
Malpractice
Rescission
Misdemeanor
32. An agreement to an offer resulting in a contract.
Limited Liability Corporation
Law (Blackstone's Definition)
Necessaries (Necessities)
Acceptance
33. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Misdemeanor
Qualified Endorsement
Void Contract
34. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Drawee
Sole proprietorship
Public Corporation
35. A document of conveyance that provides written evidence of one's title to tangible personal property.
Simple Contract
Antitrust
Bill of Sale
Negotiation
36. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Holder
Blank Endorsement
Promissory Note
Sherman Antitrust Act
37. The party who gives up possession - but not title - of property in a bailment.
Assignee
Bailor
Undue Influence
Plaintiff
38. Laws which seek to promote competition among businesses.
Negotiable Instrument (Commercial Paper)
Commercial Paper (Negotiable Instrument)
Antitrust
Discharge
39. All property which is not real property.
Duress
Personal Property
Beneficiary
Statute of Limitations
40. 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.
Qualified Endorsement
Nominal Partner
Principal
Summons (Process)
41. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Misdemeanor
Common Stock
Negotiable Instrument (Commercial Paper)
Domestic corporation
42. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Corporation
Beneficiary
Par-value Stock
43. Partner active in a business unknown to the public.
Secret Partner
Assignee
Holder
Statute of Frauds
44. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Ratification
Rescission
Appellate Court
Fiduciary
45. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Donee Beneficiary
Business Law
Discovery
Negotiable Instrument (Commercial Paper)
46. Customs that have become recognized by the courts as binding on the community.
Uniform Commercial Code
Common Law
Public Corporation
Partnership
47. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Assignment
Service Contracts
Revocation
Malpractice
48. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Unenforceable Contract
Misrepresentation
Discharge
Stockholders (Shareholders)
49. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Ratification
Warranties
Assignor
Crime
50. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Certificate of Deposit
Minor
Public Corporation