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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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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 of no legal effect.
Disaffirmance
Void Contract
Stockholders (Shareholders)
Qualified Endorsement
2. 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.
Bearer
Preferred Stock
Check
Subchapter S Corporation
3. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Assignee
Contract to Sell
Statute of Frauds
4. Exceeding the maximum rate of interest which may be charged on loans.
Qualified Endorsement
Common Law
Usurious
Arrest
5. A business owned by one person.
Sole proprietorship
Order Paper
Consignee
Complaint (petition)
6. 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.
Minor
Bill of Lading
Simple Contract
Partnership
7. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Intangible Personal Property
Executed Contracts
Consideration
8. 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
Independent Contractor
Limited Liability Corporation
Draft
Board of Directors
9. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Consideration
Contract to Sell
Limited Liability Corporation
Stare Decisis
10. An endorsement which prevents the use of the instrument for anything except the stated use.
Complaint (petition)
Restrictive Endorsement
Statute of Limitations
Beneficiary
11. An endorsement which limits the liability of the endorser.
Principal
Trial Courts
Employee
Qualified Endorsement
12. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Draft
Bearer
Counteroffer
Service Contracts
13. A person in possession of an instrument.
Offer
Sherman Antitrust Act
Assignment
Bearer
14. An agreement which is not in the form required by law.
Unenforceable Contract
Crime
Independent Contractor
Breach of Contract
15. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Special Performance
Trial Courts
Undue Influence
Common Law
16. One in possession of commercial paper.
Statutes
Express Warranty
Secret Partner
Holder
17. Court hearing cases appealed from lower courts.
Negotiable Instrument (Commercial Paper)
Bailor
Appellate Court
Antitrust
18. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
General Agent
Employee
Ratification
Nominal Damages
19. The contracting of services rather than goods.
Service Contracts
Shareholders (Stockholders)
Misdemeanor
Board of Directors
20. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Law (Blackstone's Definition)
Breach of Contract
General Agent
Beneficiary
21. Courts that conduct the original trial and render their decision.
Trial Courts
Revocation
Consignee
Felony
22. Customs that have become recognized by the courts as binding on the community.
Judgment
Negligence
Liquidated Damages
Common Law
23. The individual who initiates a civil action.
Donee Beneficiary
Plaintiff
Price
Statute of Limitations
24. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Consignee
Uniform Commercial Code
Payee
Personal Property
25. Partner active in a business unknown to the public.
Necessaries (Necessities)
Restrictive Endorsement
Negligence
Secret Partner
26. A body of persons elected by the stockholders to define and establish corporate policy.
Payee
Plaintiff
Board of Directors
Express Authority
27. A means whereby one party conveys rights to another person who is not a party to the original contract.
Unilateral Contract
Donee Beneficiary
Assignment
Usurious
28. Stock that entitles owner vote.
Bailor
Common Stock
Bill of Sale
General Agent
29. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Compensatory Damages
Restrictive Endorsement
Drawer
30. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
General Agent
Voidable Contract
Secret Partner
Petition (Complaint)
31. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Property
Payee
Express Warranty
Negligence
32. Charging a person with a crime and asking for that person's plea.
Novation
Arraignment
Negotiable Instrument (Commercial Paper)
Law (Blackstone's Definition)
33. Laws dealing with crimes and the punishment of wrongdoers.
Special Endorsement
Assignee
Principal
Criminal Law
34. One who takes initial steps to form corporation.
Warranties
Partnership
Foreign Corporation
Promoter
35. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Consignee
Sole proprietorship
Bearer Paper
36. The person against whom legal action is brought. 1
Defendant
Employee
Arrest
Private Corporation
37. Anything that may be owned.
Property
Merchant
Malpractice
Endorsement
38. An expression of willingness to enter a contractual agreement.
Check
Offer
Offeree
Voidable Contract
39. Those contracts in which the terms have not been completely executed or fulfilled.
Law (Blackstone's Definition)
Executed Contracts
Donee Beneficiary
Executory Contracts
40. A criminal offense that is punishable by confinement in prison or by death.
Statute of Limitations
Corporation
Felony
Malpractice
41. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Malpractice
Order Paper
Promoter
Subchapter S Corporation
42. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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43. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Real Property
Cashier's Check
Executed Contracts
44. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Antitrust
Trial Courts
Bearer
Shareholders (Stockholders)
45. The person to whom an offer is made.
Offeree
Nominal Partner
Employer
Third Party Beneficiary
46. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Sherman Antitrust Act
Payee
Identified Goods
Implied Contract
47. A written request initiating a civil suit.
Petition (Complaint)
Restrictive Endorsement
Secret Partner
Cashier's Check
48. Those contracts that must be in special form or produced in a certain way - such as under seal.
Alien corporation
Par-value Stock
Formal Contract
Bailment
49. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Assignment
Negotiable Instrument (Commercial Paper)
Implied Authority
Bailor
50. 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
Negligence
Sole proprietorship
Creditor Beneficiary
Novation
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