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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. Declared value of outstanding stock.
Capital Stock
Compensatory Damages
Disaffirmance
Personal Property
2. Canceling - annulling - avoiding.
Private Corporation
Third Party Beneficiary
Rescission
Antitrust
3. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Authority
Undue Influence
Voidable Contract
Liquidated Damages
4. A contract remedy by which the court requires the breaching party to perform the contract.
Domestic corporation
Special Performance
Blank Endorsement
Ratification
5. An agent's authority to do things not specifically authorized in order to carry out express authority.
Novation
Future Goods
Implied Authority
Existing Goods
6. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Booking
Disaffirmance
Drawer
Preferred Stock
7. Operates in the state that granted the charter.
Domestic corporation
Antitrust
Simple Contract
Drawee
8. Courts that conduct the original trial and render their decision.
Misrepresentation
Special Performance
Trial Courts
Accord and Satisfaction
9. An expression of willingness to enter a contractual agreement.
Fiduciary
Offer
Certificate of Deposit
Future Goods
10. Exceeding the maximum rate of interest which may be charged on loans.
Novation
Usurious
Contractual Capability
Common Stock
11. Those goods which are not in existence at the time a contract is agreed to.
Consignor
Bailment
Statutes
Future Goods
12. Power to act for someone else.
Authority
Rescission
Arrest
Principal
13. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Service Contracts
Rescission
Implied Contract
Existing Goods
14. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Promissory Estoppel
Existing Goods
Express Authority
Sale
15. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Bearer Paper
Identified Goods
Fiduciary
Breach of Contract
16. Stock with an assigned face vale.
Unilateral Contract
Fiduciary
Par-value Stock
Plaintiff
17. 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)
Secret Partner
Criminal Law
Blank Endorsement
18. A decision of a court.
Stare Decisis
Order Paper
Judgment
Voidable Contract
19. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Sale
Foreign Corporation
Misdemeanor
20. Stock reacquired by a corporation.
Accord and Satisfaction
Felony
Treasury Stock
Ordinances
21. The transfer of possession but not the title of personal property by one party to another - under agreement.
Offeror
Bailment
Implied Contract
Identified Goods
22. The authority of an agent - stated in the document or agreement creating the agency.
Ratification
Express Authority
Statutes
Arrest
23. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Promissory Note
Arraignment
Offer
24. A negotiable instrument containing a promise to pay.
Check
Void Contract
Promissory Note
Drawer
25. The repudiation of - or election to avoid - a voidable contract.
Endorser
Contract
Goods
Disaffirmance
26. Having no words other than the signature of the endorser.
Criminal Law
Blank Endorsement
Stockholders (Shareholders)
Business Law
27. A written request initiating a civil suit.
Corporation
Stare Decisis
Petition (Complaint)
Answer
28. All property which is not real property.
Crime
Assignee
Answer
Personal Property
29. The person to whom an offer is made.
Usurious
Contract to Sell
Offeree
Contractual Capability
30. A judicial order or decree forbidding the performance of a certain act.
Injunction
Breach of Contract
Bailor
Bearer Paper
31. An agreement to an offer resulting in a contract.
Valid Contract
Acceptance
Discharge
Process (Summons)
32. Person who pretends to be a partner or permits others to represent him or her as a partner.
Judgment
Nominal Partner
Fraud
Antitrust
33. One to whom goods are shipped by common carrier.
Novation
Partnership
Executed Contracts
Consignee
34. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Third Party Beneficiary
Negotiable Instrument (Commercial Paper)
Sole proprietorship
35. Movable tangible personal property.
Goods
Contract to Sell
Assignor
Necessaries (Necessities)
36. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Property
Bearer
Compensatory Damages
Statute of Frauds
37. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Maker
Uniform Commercial Code
Undue Influence
Arraignment
38. The signature or statement of purpose by the owner on the back of the instrument.
Board of Directors
Criminal Law
Payee
Endorsement
39. A warranty imposed by law - arising automatically because the sale has been made.
Arrest
Implied Warranties
Holder
Unenforceable Contract
40. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Consignor
Intangible Personal Property
Future Goods
41. A means whereby one party conveys rights to another person who is not a party to the original contract.
Sale
Assignment
Certificate of Deposit
Defendant
42. Charging a person with a crime and asking for that person's plea.
Contract
Check
Arraignment
Fiduciary
43. A criminal offense which is neither treason nor a felony.
Real Property
Statute of Limitations
Certified Check
Misdemeanor
44. An agreement of no legal effect.
Certificate of Deposit
Uniform Commercial Code
Void Contract
Treasury Stock
45. A body of persons elected by the stockholders to define and establish corporate policy.
Personal Property
Breach of Contract
Blank Endorsement
Board of Directors
46. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Close (closed - closely held) corporation
Endorsement
Foreign Corporation
Duress
47. Those goods which are - at the time of the contract - in existence and owned by the seller.
Void Contract
Order Paper
Counteroffer
Existing Goods
48. An agreement between two or more competent persons which is enforceable by law.
Offeror
Corporation
Contract
Goods
49. The individual who initiates a civil action.
Express Authority
Plaintiff
Restrictive Endorsement
Minor
50. The contracting of services rather than goods.
Endorsement
Common Law
General Agent
Service Contracts