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. One authorized by the principal to execute specific acts.
Drawer
Arraignment
Complaint (petition)
Special Agent
2. An individual who takes no active part in the management of a business but has capital invested in the business.
Assignee
Silent Partner
Duress
Public Corporation
3. Stating an untrue fact.
Foreign Corporation
Misrepresentation
Statutes
Limited Liability Corporation
4. Court hearing cases appealed from lower courts.
Appellate Court
Restrictive Endorsement
Existing Goods
Dormant or sleeping partner
5. 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.
Criminal Law
Partnership
Trial Courts
Special Performance
6. That consideration stipulated by contract - generally expressed in money or money's worth.
Price
Special Endorsement
Executory Contracts
Voidable Contract
7. Stock with an assigned face vale.
Bill of Lading
Par-value Stock
Price
Check
8. The authority of an agent - stated in the document or agreement creating the agency.
Blank Endorsement
Express Authority
Endorser
Restrictive Endorsement
9. One in possession of commercial paper.
Holder
Implied Contract
Voidable Contract
Assignee
10. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Rescission
Assignor
Business Law
Bailor
11. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Offer
Bearer Paper
Sherman Antitrust Act
Stare Decisis
12. A person in possession of an instrument.
Sherman Antitrust Act
Voidable Contract
Bearer
Nominal Damages
13. An agreement which is not in the form required by law.
Unenforceable Contract
Contract
Authority
Express Warranty
14. The goods specified by the buyer and seller.
Identified Goods
Corporation
Ratification
Express Authority
15. Movable tangible personal property.
Goods
Order Paper
Certificate of Deposit
Price
16. A business owned by one person.
Defendant
Fiduciary
Sole proprietorship
Merchant
17. Canceling - annulling - avoiding.
Fiduciary
Endorser
Rescission
Goods
18. Person who writes his or her name on back of instrument.
Misrepresentation
Endorser
Price
Merchant
19. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Beneficiary
Contract
Revocation
20. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Holder
Commercial Paper (Negotiable Instrument)
Bill of Sale
Express Warranty
21. 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.
Assignee
Statute of Frauds
Malpractice
Voidable Contract
22. Land and those objects permanently attached to land. Rejection refusal to accept.
Uniform Commercial Code
Counteroffer
Real Property
Undue Influence
23. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Creditor Beneficiary
Trial Courts
Formal Contract
24. A corporation formed to carry out government functions.
Promoter
Consideration
Public Corporation
Ordinances
25. Partner unknown to public with no part in management.
Express Contract
Shareholders (Stockholders)
Dormant or sleeping partner
Certificate of Deposit
26. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Drawer
Nominal Partner
Voidable Contract
Minor
27. One to whom goods are shipped by common carrier.
Nominal Damages
Fiduciary
Discovery
Consignee
28. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Donee Beneficiary
Special Performance
Common Stock
29. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Special Agent
Order Paper
Partnership
Employer
30. Exceeding the maximum rate of interest which may be charged on loans.
Petition (Complaint)
Formal Contract
Third Party Beneficiary
Usurious
31. Confirming an act that was executed without authority or an act which was voidable.
Minor
Duress
Ratification
Commercial Paper (Negotiable Instrument)
32. The party to whom any negotiable instrument is made payable.
Nominal Damages
Payee
Bill of Lading
Answer
33. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Employee
Subchapter S Corporation
Endorser
Ratification
34. The person - company - or financial institution ordered to pay a draft.
Drawee
Offeree
Assignor
Personal Property
35. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Negligence
Check
Breach of Contract
36. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Executed Contracts
Voidable Contract
Independent Contractor
Discharge
37. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Donee Beneficiary
Warranties
Voidable Contract
38. A written request initiating a civil suit.
Implied Warranties
Petition (Complaint)
Acceptance
Accord and Satisfaction
39. An agent's authority to do things not specifically authorized in order to carry out express authority.
Warranties
Implied Authority
Disaffirmance
Dormant or sleeping partner
40. 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
41. A check for which the bank assures that the drawer has sufficient funds to make payment.
Antitrust
Simple Contract
Treasury Stock
Certified Check
42. 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.
Business Law
Misdemeanor
Employee
Personal Property
43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Donee Beneficiary
Contract to Sell
Implied Warranties
Breach of Contract
44. The party who acquires possession but not the title of personal property in a bailment.
Limited Liability Corporation
Valid Contract
Statutes
Bailee
45. 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.
Process (Summons)
Felony
Future Goods
Personal Property
46. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Merchant
Arraignment
Defendant
Bailee
47. Those goods which are - at the time of the contract - in existence and owned by the seller.
Special Performance
Existing Goods
Cashier's Check
Usurious
48. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Sole proprietorship
Express Contract
Assignee
Bearer
49. The party who initiates - or makes - an offer.
Treasury Stock
Misrepresentation
Creditor Beneficiary
Offeror
50. Operates in the state that granted the charter.
Discharge
Judgment
Answer
Domestic corporation
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests