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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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.
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 award paid to the injured party to cover the exact amount of their loss - but no more.
Close (closed - closely held) corporation
Compensatory Damages
Stockholders (Shareholders)
Petition (Complaint)
2. A body of persons elected by the stockholders to define and establish corporate policy.
Contractual Capability
Bailment
Board of Directors
Tort
3. The necessity that the parties desiring to enter into contracts meet all requirements.
Independent Contractor
Cashier's Check
Contractual Capability
Draft
4. A judicial order or decree forbidding the performance of a certain act.
Bailment
Maker
Express Warranty
Injunction
5. All property which is not real property.
Personal Property
Void Contract
Order Paper
General Partner
6. Anything that may be owned.
Payee
Foreign Corporation
Ratification
Property
7. 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
Shareholders (Stockholders)
Future Goods
Silent Partner
8. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Unenforceable Contract
Treasury Stock
Certificate of Deposit
9. A corporation formed by individuals to form some non-governmental function.
Disaffirmance
Private Corporation
Dormant or sleeping partner
Common Stock
10. 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.
Misdemeanor
Warranties
Cashier's Check
General Agent
11. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Public Corporation
Undue Influence
Stare Decisis
Intangible Personal Property
12. An agent's authority to do things not specifically authorized in order to carry out express authority.
Qualified Endorsement
Sale
Implied Authority
Limited Liability Corporation
13. One authorized by the principal to execute specific acts.
Contract
Implied Authority
Subchapter S Corporation
Special Agent
14. To take into police custody.
Unilateral Contract
Arrest
Petition (Complaint)
Assignee
15. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Endorser
Executory Contracts
Employer
16. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Discovery
Injunction
Restrictive Endorsement
17. A negotiable instrument containing a promise to pay.
Negotiation
Principal
Usurious
Promissory Note
18. 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.
Promissory Note
Bearer
Malpractice
Simple Contract
19. A check drawn on a bank's own funds and signed by a responsible bank official.
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20. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Fiduciary
Voidable Contract
Plaintiff
Consignee
21. An endorsement which prevents the use of the instrument for anything except the stated use.
Drawer
Express Contract
Promoter
Restrictive Endorsement
22. A business owned by one person.
Judgment
Valid Contract
Sole proprietorship
Negligence
23. The signature or statement of purpose by the owner on the back of the instrument.
Malpractice
Endorsement
Rescission
Tort
24. A criminal offense that is punishable by confinement in prison or by death.
Tort
Disaffirmance
Felony
Revocation
25. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Beneficiary
Stockholders (Shareholders)
Donee Beneficiary
Bailee
26. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Blank Endorsement
Cashier's Check
Trial Courts
27. One to whom goods are shipped by common carrier.
Consignee
Stockholders (Shareholders)
Misdemeanor
Executory Contracts
28. A law that restricts the period of time within which an action may be brought to court.
Capital Stock
Foreign Corporation
Statute of Limitations
Appellate Court
29. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Implied Warranties
Negotiation
Express Warranty
30. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Payee
Business Law
Fiduciary
Bearer
31. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Defendant
Draft
Undue Influence
Offeror
32. Power to act for someone else.
Personal Property
Law (Blackstone's Definition)
Draft
Authority
33. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Service Contracts
Unenforceable Contract
Merchant
34. An offense which is injurious to society as a whole.
Principal
Creditor Beneficiary
Contractual Capability
Crime
35. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Draft
Existing Goods
Cashier's Check
Payee
36. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Misdemeanor
Arrest
Antitrust
37. Exceeding the maximum rate of interest which may be charged on loans.
Trial Courts
Law (Blackstone's Definition)
Usurious
Cashier's Check
38. Person who writes his or her name on back of instrument.
Statutes
Endorser
Breach of Contract
Judgment
39. An agreement which is not in the form required by law.
Public Corporation
Unenforceable Contract
Undue Influence
Appellate Court
40. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Punitive Damages
Certificate of Deposit
Nominal Damages
Judgment
41. Stock reacquired by a corporation.
Goods
Treasury Stock
Offeree
Felony
42. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.
Minor
Subchapter S Corporation
Warranties
Check
43. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Common Stock
Offeror
Promissory Note
44. 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.
Breach of Contract
Warranties
Formal Contract
Summons (Process)
45. Stock with an assigned face vale.
Public Corporation
Necessaries (Necessities)
Service Contracts
Par-value Stock
46. The goods specified by the buyer and seller.
Negligence
Identified Goods
Endorsement
Blank Endorsement
47. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
General Agent
Counteroffer
Silent Partner
Criminal Law
48. An agreement between two or more competent persons which is enforceable by law.
Creditor Beneficiary
Void Contract
Contract
Capital Stock
49. A decision of a court.
Felony
Plaintiff
Necessaries (Necessities)
Judgment
50. Having no words other than the signature of the endorser.
Antitrust
Fiduciary
Blank Endorsement
Public Corporation
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