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. Laws which seek to promote competition among businesses.
Summons (Process)
Bearer Paper
Uniform Commercial Code
Antitrust
2. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Statutes
Shareholders (Stockholders)
Independent Contractor
Special Agent
3. A decision of a court.
Judgment
Simple Contract
Independent Contractor
Bailee
4. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Employee
Executed Contracts
Rescission
Implied Warranties
5. 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.
Minor
Necessaries (Necessities)
Consideration
Commercial Paper (Negotiable Instrument)
6. 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.
Future Goods
Existing Goods
Corporation
Criminal Law
7. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Liquidated Damages
Judgment
Sherman Antitrust Act
Negligence
8. The individual who initiates a civil action.
Plaintiff
Merchant
Endorsement
Assignment
9. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Judgment
Bill of Sale
Offer
10. That consideration stipulated by contract - generally expressed in money or money's worth.
Promissory Note
Voidable Contract
Price
Maker
11. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Implied Authority
Trial Courts
Service Contracts
Punitive Damages
12. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Maker
Real Property
Commercial Paper (Negotiable Instrument)
13. 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.
Ordinances
Malpractice
Unenforceable Contract
Creditor Beneficiary
14. 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.
Ordinances
Law (Blackstone's Definition)
Undue Influence
Stare Decisis
15. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Dormant or sleeping partner
Bearer
Principal
16. 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.
Trial Courts
Special Performance
Summons (Process)
Drawee
17. Person who writes his or her name on back of instrument.
Endorser
Limited Liability Corporation
Assignee
Endorsement
18. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Shareholders (Stockholders)
Negligence
Arraignment
Statute of Frauds
19. A body of persons elected by the stockholders to define and establish corporate policy.
Unilateral Contract
Board of Directors
Limited Partner
Statute of Limitations
20. A commercial paper payable to bearer; i.e. to the person having possession of such.
Punitive Damages
Trial Courts
Bearer Paper
Complaint (petition)
21. The necessity that the parties desiring to enter into contracts meet all requirements.
Sherman Antitrust Act
Assignor
Felony
Contractual Capability
22. 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
Subchapter S Corporation
Malpractice
Independent Contractor
Undue Influence
23. Person who pretends to be a partner or permits others to represent him or her as a partner.
Commercial Paper (Negotiable Instrument)
Nominal Partner
Ratification
Price
24. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Special Performance
Stockholders (Shareholders)
Commercial Paper (Negotiable Instrument)
25. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.
Answer
Employee
Petition (Complaint)
Offeree
26. Courts that conduct the original trial and render their decision.
Express Warranty
Bearer
Corporation
Trial Courts
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.
Draft
Offeror
Creditor Beneficiary
Consideration
28. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Service Contracts
Limited Partner
Close (closed - closely held) corporation
Fraud
29. A business owned by one person.
Common Law
Sole proprietorship
Assignor
Endorsement
30. Laws which are enacted by legislative bodies.
Board of Directors
Statutes
Independent Contractor
Assignee
31. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Qualified Endorsement
Contract to Sell
Limited Liability Corporation
Beneficiary
32. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Process (Summons)
Simple Contract
Offeree
Booking
33. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Promissory Note
Usurious
Injunction
Liquidated Damages
34. Stock with an assigned face vale.
Special Endorsement
Implied Contract
Par-value Stock
Partnership
35. Movable tangible personal property.
Employer
Defendant
Goods
Bill of Sale
36. An agent's authority to do things not specifically authorized in order to carry out express authority.
Uniform Commercial Code
Endorsement
Implied Authority
Bill of Sale
37. An expression of willingness to enter a contractual agreement.
Offer
Drawer
Foreign Corporation
Unenforceable Contract
38. 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
Private Corporation
Sale
Domestic corporation
39. An offense which is injurious to society as a whole.
Crime
Independent Contractor
Domestic corporation
Drawer
40. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Existing Goods
Express Warranty
Close (closed - closely held) corporation
Consignor
41. The person to whom an offer is made.
Common Stock
Warranties
Disaffirmance
Offeree
42. An individual who takes no active part in the management of a business but has capital invested in the business.
Drawee
Qualified Endorsement
Counteroffer
Silent Partner
43. 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.
Partnership
Complaint (petition)
Contract to Sell
Arraignment
44. Anything that may be owned.
Antitrust
Property
Special Agent
Sole proprietorship
45. The party to whom any negotiable instrument is made payable.
Payee
Restrictive Endorsement
Simple Contract
Ratification
46. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Service Contracts
Nominal Damages
Commercial Paper (Negotiable Instrument)
Contractual Capability
47. An endorsement which limits the liability of the endorser.
Order Paper
Criminal Law
Voidable Contract
Qualified Endorsement
48. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Process (Summons)
Promoter
Cashier's Check
49. A criminal offense which is neither treason nor a felony.
Void Contract
Service Contracts
Misdemeanor
Statute of Frauds
50. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183