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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. Those contracts in which the terms have not been completely executed or fulfilled.
Minor
Preferred Stock
Offeror
Executory Contracts
2. A written request initiating a civil suit.
Petition (Complaint)
Agent
Price
Identified Goods
3. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Alien corporation
Donee Beneficiary
Ordinances
4. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Foreign Corporation
Limited Partner
Injunction
Negotiation
5. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Criminal Law
Punitive Damages
Ordinances
6. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Promoter
Qualified Endorsement
Common Stock
7. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Sherman Antitrust Act
Fiduciary
Promissory Estoppel
Usurious
8. Charging a person with a crime and asking for that person's plea.
Arraignment
Sherman Antitrust Act
Executory Contracts
Petition (Complaint)
9. The necessity that the parties desiring to enter into contracts meet all requirements.
Par-value Stock
Contractual Capability
Certificate of Deposit
Authority
10. A means whereby one party conveys rights to another person who is not a party to the original contract.
Discharge
Malpractice
Commercial Paper (Negotiable Instrument)
Assignment
11. The authority of an agent - stated in the document or agreement creating the agency.
Future Goods
Endorser
Arrest
Express Authority
12. 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
Foreign Corporation
Defendant
Felony
13. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Fiduciary
Uniform Commercial Code
Implied Contract
Special Agent
14. A corporation formed to carry out government functions.
Bearer Paper
Fiduciary
Public Corporation
Fraud
15. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Necessaries (Necessities)
Promoter
Silent Partner
Unilateral Contract
16. The change of one of the parties to a contract at the mutual agreement of the original parties.
Complaint (petition)
Nominal Partner
Novation
Certified Check
17. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Malpractice
Promissory Note
Answer
18. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Employer
Acceptance
Breach of Contract
Commercial Paper (Negotiable Instrument)
19. To take into police custody.
Sherman Antitrust Act
Tort
Authority
Arrest
20. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Corporation
Booking
Implied Contract
Consignee
21. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Malpractice
Intangible Personal Property
Acceptance
22. 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.
Commercial Paper (Negotiable Instrument)
Ordinances
Offeror
Order Paper
23. All property which is not real property.
Appellate Court
Personal Property
Discovery
Felony
24. Person not party to a contract - but whom parties intended to benefit.
Answer
Accord and Satisfaction
Third Party Beneficiary
Personal Property
25. Person who pretends to be a partner or permits others to represent him or her as a partner.
Warranties
Minor
Capital Stock
Nominal Partner
26. One authorized by the principal to execute specific acts.
Stockholders (Shareholders)
Special Agent
Breach of Contract
Compensatory Damages
27. An agent's authority to do things not specifically authorized in order to carry out express authority.
Blank Endorsement
Implied Authority
Felony
Petition (Complaint)
28. A person in possession of an instrument.
Bearer
Trial Courts
Corporation
Order Paper
29. Exceeding the maximum rate of interest which may be charged on loans.
Misrepresentation
Bailment
Misdemeanor
Usurious
30. Operates in the state that granted the charter.
Blank Endorsement
Domestic corporation
Drawer
Promoter
31. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Voidable Contract
Creditor Beneficiary
Public Corporation
Drawer
32. The party who acquires possession but not the title of personal property in a bailment.
Donee Beneficiary
Complaint (petition)
Treasury Stock
Bailee
33. Laws dealing with crimes and the punishment of wrongdoers.
Cashier's Check
Criminal Law
Fraud
Assignee
34. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Duress
Special Performance
Criminal Law
35. The person who executes any draft.
Drawer
Misdemeanor
Malpractice
Payee
36. Person who writes his or her name on back of instrument.
Executed Contracts
Common Law
Preferred Stock
Endorser
37. An agreement to an offer resulting in a contract.
Endorser
Acceptance
Independent Contractor
Limited Liability Corporation
38. 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.
Assignment
Partnership
Beneficiary
Malpractice
39. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Duress
Bearer Paper
Employee
Secret Partner
40. Partner active in a business unknown to the public.
Drawer
Cashier's Check
Secret Partner
Punitive Damages
41. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Shareholders (Stockholders)
Intangible Personal Property
Payee
Criminal Law
42. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Subchapter S Corporation
Accord and Satisfaction
Promoter
Consignor
43. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Subchapter S Corporation
Silent Partner
General Partner
44. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Identified Goods
Bailee
Limited Liability Corporation
Breach of Contract
45. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Alien corporation
Par-value Stock
Employer
Close (closed - closely held) corporation
46. A criminal offense which is neither treason nor a felony.
Arrest
Misdemeanor
Board of Directors
Executory Contracts
47. Those contracts that must be in special form or produced in a certain way - such as under seal.
Nominal Damages
Par-value Stock
Minor
Formal Contract
48. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Subchapter S Corporation
Bill of Lading
Certified Check
Consideration
49. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Law (Blackstone's Definition)
Consideration
Beneficiary
50. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Unenforceable Contract
Arraignment
Revocation
Public Corporation
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