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. An agreement between two or more competent persons which is enforceable by law.
Consideration
Contract
Principal
Shareholders (Stockholders)
2. 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.
Judgment
Employer
Future Goods
Ordinances
3. A corporation formed to carry out government functions.
Public Corporation
Merchant
Implied Contract
Creditor Beneficiary
4. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Voidable Contract
Agent
Formal Contract
Identified Goods
5. The individual who initiates a civil action.
Independent Contractor
Board of Directors
Plaintiff
Third Party Beneficiary
6. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Usurious
Sherman Antitrust Act
Antitrust
Nominal Partner
7. An endorsement which prevents the use of the instrument for anything except the stated use.
Negotiation
Restrictive Endorsement
Compensatory Damages
Implied Authority
8. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Rescission
Promissory Note
Tort
Contractual Capability
9. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Public Corporation
Criminal Law
Breach of Contract
10. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Negotiable Instrument (Commercial Paper)
Appellate Court
Discovery
Accord and Satisfaction
11. 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
Bailor
Assignee
Promissory Estoppel
12. Laws enacted by local municipalities.
Ordinances
Bailor
Limited Partner
Secret Partner
13. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Payee
Voidable Contract
Assignee
Bailor
14. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Payee
Discovery
Stockholders (Shareholders)
15. The transfer of possession but not the title of personal property by one party to another - under agreement.
Necessaries (Necessities)
Authority
Bailment
Arrest
16. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Complaint (petition)
Common Law
Treasury Stock
17. A party who appoints a second party to serve as an agent.
Usurious
Special Performance
Sole proprietorship
Principal
18. 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.
Blank Endorsement
Implied Contract
Fraud
Warranties
19. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Independent Contractor
Defendant
Summons (Process)
20. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Sale
Express Contract
Assignee
21. Confirming an act that was executed without authority or an act which was voidable.
Antitrust
Punitive Damages
Secret Partner
Ratification
22. A written request initiating a civil suit.
Assignment
Crime
Petition (Complaint)
Negotiable Instrument (Commercial Paper)
23. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Promissory Note
Property
Promoter
Express Contract
24. A business owned by one person.
Blank Endorsement
Sole proprietorship
Criminal Law
Accord and Satisfaction
25. The person - company - or financial institution ordered to pay a draft.
Bailment
Drawee
Offeror
Crime
26. 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.
Felony
Compensatory Damages
Employee
Subchapter S Corporation
27. That which the promisor demands and receives as the price for a promise.
Consideration
Bearer
Employee
Arraignment
28. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Blank Endorsement
Silent Partner
Shareholders (Stockholders)
Express Contract
29. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Preferred Stock
Process (Summons)
Endorser
Subchapter S Corporation
30. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Valid Contract
Offeror
Injunction
Executed Contracts
31. The necessity that the parties desiring to enter into contracts meet all requirements.
Law (Blackstone's Definition)
Silent Partner
Bearer Paper
Contractual Capability
32. A judicial order or decree forbidding the performance of a certain act.
Injunction
Warranties
Process (Summons)
Identified Goods
33. 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.
Contract to Sell
Discovery
Stare Decisis
Liquidated Damages
34. One who ships goods by common carrier.
Duress
Shareholders (Stockholders)
Consignor
Promissory Note
35. 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.
Sole proprietorship
Summons (Process)
Revocation
Public Corporation
36. Anything that may be owned.
Agent
Property
Cashier's Check
Preferred Stock
37. An agreement which is not in the form required by law.
Unenforceable Contract
Holder
Injunction
General Agent
38. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Stockholders (Shareholders)
Sale
Promissory Note
Donee Beneficiary
39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Identified Goods
Real Property
Sole proprietorship
Beneficiary
40. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Implied Authority
Necessaries (Necessities)
Criminal Law
Personal Property
41. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Negligence
Secret Partner
Stare Decisis
Nominal Damages
42. Customs that have become recognized by the courts as binding on the community.
Certified Check
Sherman Antitrust Act
Common Law
Unilateral Contract
43. Movable tangible personal property.
Goods
Void Contract
Express Authority
Bill of Sale
44. Pretrial steps taken to learn the details of the case.
Capital Stock
Discovery
Bill of Lading
Nominal Partner
45. 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
46. The act of transferring ownership of a negotiable instrument to another party.
Property
Personal Property
Felony
Negotiation
47. The person against whom legal action is brought. 1
Certified Check
Defendant
Plaintiff
Tort
48. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Negligence
Statute of Frauds
General Partner
49. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Special Agent
Bill of Sale
Sale
Close (closed - closely held) corporation
50. Charging a person with a crime and asking for that person's plea.
Discovery
Undue Influence
Promoter
Arraignment