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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. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Bearer Paper
Negotiation
Partnership
2. The party to whom the assignment is made.
Bailor
Commercial Paper (Negotiable Instrument)
Board of Directors
Assignee
3. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Statute of Frauds
Unenforceable Contract
Complaint (petition)
4. The goods specified by the buyer and seller.
Process (Summons)
Uniform Commercial Code
Fraud
Identified Goods
5. An individual actively and openly engaged in the business and held out to everyone as a partner.
Discharge
Stockholders (Shareholders)
General Partner
Bearer Paper
6. An agreement to an offer resulting in a contract.
Bill of Sale
Acceptance
Real Property
Counteroffer
7. The person - company - or financial institution ordered to pay a draft.
Statute of Limitations
Trial Courts
Petition (Complaint)
Drawee
8. 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.
Sherman Antitrust Act
Malpractice
Drawee
Process (Summons)
9. Laws which are enacted by legislative bodies.
Usurious
Contract to Sell
Future Goods
Statutes
10. A check for which the bank assures that the drawer has sufficient funds to make payment.
Tort
Certified Check
Minor
Stare Decisis
11. The party to whom any negotiable instrument is made payable.
Authority
Payee
Tort
Misdemeanor
12. Person who writes his or her name on back of instrument.
Merchant
Endorser
Service Contracts
Ordinances
13. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Appellate Court
Revocation
Draft
Arraignment
14. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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15. Declared value of outstanding stock.
Ordinances
Capital Stock
Par-value Stock
General Partner
16. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Implied Contract
Limited Liability Corporation
Bailee
Stockholders (Shareholders)
17. One authorized by the principal to execute specific acts.
Fiduciary
Bailor
Partnership
Special Agent
18. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Beneficiary
Minor
Sherman Antitrust Act
Subchapter S Corporation
19. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Employer
Common Law
Unilateral Contract
Discharge
20. The contract existing between the consignor (shipper) and the carrier.
Compensatory Damages
Antitrust
Bill of Lading
Nominal Partner
21. The person to whom an offer is made.
Offer
Foreign Corporation
Check
Offeree
22. That consideration stipulated by contract - generally expressed in money or money's worth.
Principal
Future Goods
Price
Contract to Sell
23. Land and those objects permanently attached to land. Rejection refusal to accept.
Bearer Paper
Par-value Stock
Real Property
Nominal Partner
24. The transfer of possession but not the title of personal property by one party to another - under agreement.
Drawee
Necessaries (Necessities)
Bailment
Restrictive Endorsement
25. To take into police custody.
Commercial Paper (Negotiable Instrument)
Arrest
Promoter
Injunction
26. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Contract
Corporation
Executed Contracts
Formal Contract
27. Court hearing cases appealed from lower courts.
Appellate Court
Public Corporation
Treasury Stock
Future Goods
28. Confirming an act that was executed without authority or an act which was voidable.
General Partner
Intangible Personal Property
Ratification
Unenforceable Contract
29. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Statutes
Sale
Check
Assignment
30. Courts that conduct the original trial and render their decision.
Authority
Trial Courts
Merchant
Consideration
31. Stock reacquired by a corporation.
Secret Partner
Punitive Damages
Treasury Stock
Contract to Sell
32. An agreement which is not in the form required by law.
Alien corporation
Drawer
Payee
Unenforceable Contract
33. The person who executes a promissory note.
Real Property
Fraud
Special Agent
Maker
34. That which the promisor demands and receives as the price for a promise.
Subchapter S Corporation
Consideration
Arraignment
Endorsement
35. Laws dealing with crimes and the punishment of wrongdoers.
Capital Stock
Statute of Limitations
Simple Contract
Criminal Law
36. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Disaffirmance
Shareholders (Stockholders)
Arrest
Implied Contract
37. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Express Contract
Intangible Personal Property
Dormant or sleeping partner
Breach of Contract
38. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Bill of Sale
Punitive Damages
Drawee
Close (closed - closely held) corporation
39. Canceling - annulling - avoiding.
Identified Goods
Statutes
Drawer
Rescission
40. The party who gives up possession - but not title - of property in a bailment.
Dormant or sleeping partner
Bailor
Felony
Domestic corporation
41. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Answer
Promissory Estoppel
Limited Partner
Blank Endorsement
42. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Plaintiff
Promoter
Express Warranty
Discharge
43. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Public Corporation
Consideration
Tort
Silent Partner
44. A party who appoints a second party to serve as an agent.
Employer
Rescission
Statutes
Principal
45. An agreement between two or more competent persons which is enforceable by law.
Offer
Corporation
Principal
Contract
46. Those goods which are - at the time of the contract - in existence and owned by the seller.
Intangible Personal Property
Bailee
Existing Goods
Holder
47. An offense which is injurious to society as a whole.
Qualified Endorsement
Felony
Uniform Commercial Code
Crime
48. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Service Contracts
Check
Foreign Corporation
49. The person against whom legal action is brought. 1
Antitrust
Misdemeanor
Breach of Contract
Defendant
50. A written request initiating a civil suit.
Implied Contract
Petition (Complaint)
Sole proprietorship
Business Law