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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. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Business Law
Bill of Lading
Felony
2. The necessity that the parties desiring to enter into contracts meet all requirements.
Certificate of Deposit
Contractual Capability
Donee Beneficiary
Statutes
3. One who ships goods by common carrier.
Business Law
Consignor
Compensatory Damages
Check
4. An individual who takes no active part in the management of a business but has capital invested in the business.
Secret Partner
Silent Partner
Subchapter S Corporation
Implied Contract
5. Those goods which are - at the time of the contract - in existence and owned by the seller.
Ordinances
Bailment
Promoter
Existing Goods
6. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Void Contract
Service Contracts
Contract
7. Operates in the state that granted the charter.
Domestic corporation
Dormant or sleeping partner
Merchant
Alien corporation
8. 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.
Beneficiary
Property
Creditor Beneficiary
Booking
9. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Promissory Note
Common Stock
Stockholders (Shareholders)
10. The person who executes any draft.
Promoter
Valid Contract
Offer
Drawer
11. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Crime
Holder
Consignor
Contract to Sell
12. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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13. Having no words other than the signature of the endorser.
Blank Endorsement
Unenforceable Contract
Process (Summons)
Public Corporation
14. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Implied Contract
Common Law
Certificate of Deposit
15. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Price
Liquidated Damages
Capital Stock
16. 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.
Offer
Nominal Damages
Commercial Paper (Negotiable Instrument)
Plaintiff
17. A check for which the bank assures that the drawer has sufficient funds to make payment.
Trial Courts
Minor
Certified Check
Offeror
18. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Tort
Payee
Maker
19. A criminal offense which is neither treason nor a felony.
Rescission
Bailment
Valid Contract
Misdemeanor
20. Declared value of outstanding stock.
Capital Stock
Executed Contracts
Creditor Beneficiary
Foreign Corporation
21. Land and those objects permanently attached to land. Rejection refusal to accept.
Express Authority
Express Warranty
Real Property
Offeree
22. The party who acquires possession but not the title of personal property in a bailment.
Antitrust
Consignee
Necessaries (Necessities)
Bailee
23. To take into police custody.
Stockholders (Shareholders)
Bearer
Arrest
Executory Contracts
24. The person - company - or financial institution ordered to pay a draft.
Process (Summons)
Drawee
Merchant
Breach of Contract
25. A body of persons elected by the stockholders to define and establish corporate policy.
Void Contract
Appellate Court
Board of Directors
Revocation
26. Movable tangible personal property.
Necessaries (Necessities)
Goods
Assignor
Blank Endorsement
27. 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
Formal Contract
Foreign Corporation
Independent Contractor
Fiduciary
28. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Formal Contract
Sale
Assignment
29. Canceling - annulling - avoiding.
Simple Contract
Statutes
Special Agent
Rescission
30. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Qualified Endorsement
Endorser
Bearer
Unilateral Contract
31. Customs that have become recognized by the courts as binding on the community.
Common Stock
Common Law
Blank Endorsement
Misrepresentation
32. A decision of a court.
Complaint (petition)
Plaintiff
Limited Liability Corporation
Judgment
33. Court hearing cases appealed from lower courts.
Assignor
Valid Contract
Appellate Court
Business Law
34. An offense which is injurious to society as a whole.
Crime
Merchant
Simple Contract
Statutes
35. The party who initiates - or makes - an offer.
Bailor
Offeror
Special Endorsement
Valid Contract
36. The repudiation of - or election to avoid - a voidable contract.
Employer
Consignee
Dormant or sleeping partner
Disaffirmance
37. All property which is not real property.
Personal Property
Crime
Offeror
Bailment
38. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Trial Courts
Stare Decisis
Valid Contract
Answer
39. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Minor
Authority
Consignee
Punitive Damages
40. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Negotiable Instrument (Commercial Paper)
Sole proprietorship
Arraignment
41. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Subchapter S Corporation
Injunction
Executed Contracts
Offer
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.
Implied Contract
Service Contracts
Employee
Unilateral Contract
43. Pretrial steps taken to learn the details of the case.
Beneficiary
Implied Authority
Discovery
Misdemeanor
44. Laws which are enacted by legislative bodies.
Voidable Contract
Appellate Court
Express Warranty
Statutes
45. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Domestic corporation
Drawee
Usurious
Promissory Estoppel
46. An endorsement which limits the liability of the endorser.
Qualified Endorsement
Bearer Paper
Undue Influence
Secret Partner
47. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Common Law
Negotiation
Par-value Stock
48. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Ordinances
Unilateral Contract
Donee Beneficiary
Negligence
49. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Duress
Counteroffer
Breach of Contract
Beneficiary
50. A negotiable instrument containing a promise to pay.
Order Paper
Consignee
Acceptance
Promissory Note