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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. Stock with an assigned face vale.
Private Corporation
Par-value Stock
Principal
Check
2. An individual actively and openly engaged in the business and held out to everyone as a partner.
Domestic corporation
Assignment
General Partner
Par-value Stock
3. A check for which the bank assures that the drawer has sufficient funds to make payment.
Formal Contract
Goods
Certified Check
Executed Contracts
4. Laws enacted by local municipalities.
Rescission
Treasury Stock
Bailor
Ordinances
5. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Process (Summons)
Uniform Commercial Code
Minor
Treasury Stock
6. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Drawee
Drawer
Goods
Negotiable Instrument (Commercial Paper)
7. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Subchapter S Corporation
Express Contract
Booking
Fraud
8. The person who executes any draft.
Drawer
Stare Decisis
Discharge
Special Endorsement
9. 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.
Employee
Merchant
Complaint (petition)
Offeror
10. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Donee Beneficiary
Foreign Corporation
Personal Property
Offeror
11. 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
Payee
Independent Contractor
Consignor
Employer
12. Having no words other than the signature of the endorser.
Sherman Antitrust Act
Property
Blank Endorsement
Injunction
13. One who ships goods by common carrier.
Close (closed - closely held) corporation
Negotiable Instrument (Commercial Paper)
Consignor
Trial Courts
14. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Beneficiary
Counteroffer
Preferred Stock
Donee Beneficiary
15. The individual who initiates a civil action.
Plaintiff
Crime
Executed Contracts
General Agent
16. An endorsement which designates the particular person to whom payment is to be made.
Blank Endorsement
Contract
Special Endorsement
Punitive Damages
17. Stock that entitles owner vote.
Promoter
Endorsement
Rescission
Common Stock
18. To take into police custody.
Draft
Shareholders (Stockholders)
Arrest
Common Law
19. A contract remedy by which the court requires the breaching party to perform the contract.
Capital Stock
Special Performance
Personal Property
Agent
20. One to whom goods are shipped by common carrier.
Holder
Offeree
Drawer
Consignee
21. 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.
Express Authority
Bill of Sale
Commercial Paper (Negotiable Instrument)
General Partner
22. 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).
Future Goods
Breach of Contract
Common Stock
Close (closed - closely held) corporation
23. The necessity that the parties desiring to enter into contracts meet all requirements.
Promissory Estoppel
Necessaries (Necessities)
Contractual Capability
Preferred Stock
24. Stating an untrue fact.
Payee
Void Contract
Misrepresentation
Offer
25. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Bailment
Negotiable Instrument (Commercial Paper)
Revocation
Plaintiff
26. An agreement between two or more competent persons which is enforceable by law.
General Agent
Express Authority
Consideration
Contract
27. One authorized by the principal to execute specific acts.
Employer
Price
Tort
Special Agent
28. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph
Malpractice
Ratification
Summons (Process)
Booking
29. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Donee Beneficiary
Sherman Antitrust Act
Trial Courts
Future Goods
30. Declared value of outstanding stock.
Capital Stock
Nominal Partner
Unenforceable Contract
Price
31. 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
Nominal Damages
Real Property
Negligence
Public Corporation
32. Official document detailing a defendant's defense.
Answer
Endorser
Blank Endorsement
Sale
33. A contract which will be enforced by the court.
Sherman Antitrust Act
Valid Contract
Implied Authority
Minor
34. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Certified Check
Statutes
Uniform Commercial Code
Consignee
35. The signature or statement of purpose by the owner on the back of the instrument.
Limited Liability Corporation
Private Corporation
Arrest
Endorsement
36. 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.
Misrepresentation
Special Performance
Check
Revocation
37. The party who acquires possession but not the title of personal property in a bailment.
Common Law
Service Contracts
Booking
Bailee
38. The party making the assignment.
Endorsement
Nominal Damages
Assignor
Consideration
39. 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.
Minor
Contractual Capability
Drawee
Corporation
40. An offense which is injurious to society as a whole.
Third Party Beneficiary
Novation
Crime
Principal
41. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Blank Endorsement
Bill of Lading
Sale
Necessaries (Necessities)
42. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Shareholders (Stockholders)
Contract to Sell
Liquidated Damages
Check
43. An expression of willingness to enter a contractual agreement.
Rescission
Offer
Corporation
Disaffirmance
44. That consideration stipulated by contract - generally expressed in money or money's worth.
Fraud
Restrictive Endorsement
Price
Maker
45. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Drawer
Executed Contracts
Personal Property
46. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Service Contracts
Consideration
Certificate of Deposit
Fraud
47. One that is incorporated in a foreign country.
Employee
Alien corporation
Punitive Damages
Void Contract
48. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Endorsement
Bill of Sale
Criminal Law
49. The person against whom legal action is brought. 1
Answer
Summons (Process)
Independent Contractor
Defendant
50. A document of conveyance that provides written evidence of one's title to tangible personal property.
Authority
Bill of Sale
Personal Property
Assignee