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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. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Statute of Frauds
Promissory Estoppel
Bailment
2. The party making the assignment.
Law (Blackstone's Definition)
Assignor
Common Stock
Stockholders (Shareholders)
3. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Restrictive Endorsement
Par-value Stock
Bailment
Statute of Frauds
4. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Answer
Implied Warranties
Beneficiary
Service Contracts
5. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Complaint (petition)
Principal
Par-value Stock
Punitive Damages
6. A business owned by one person.
Rescission
Sole proprietorship
Private Corporation
Breach of Contract
7. One authorized by the principal to execute specific acts.
Negotiation
Personal Property
Special Agent
Tort
8. Any contract other than a formal contract - whether written - oral or implied.
Process (Summons)
Subchapter S Corporation
Negotiation
Simple Contract
9. A means whereby one party conveys rights to another person who is not a party to the original contract.
Complaint (petition)
Assignment
Third Party Beneficiary
Defendant
10. The individual who initiates a civil action.
General Partner
Consignor
Plaintiff
Alien corporation
11. Courts that conduct the original trial and render their decision.
Employer
Trial Courts
Misrepresentation
Check
12. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Misdemeanor
Implied Authority
Accord and Satisfaction
Felony
13. An agreement between two or more competent persons which is enforceable by law.
Preferred Stock
Contract
Cashier's Check
Fraud
14. 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
Defendant
Duress
Payee
15. The authority of an agent - stated in the document or agreement creating the agency.
Voidable Contract
Certificate of Deposit
Express Authority
Private Corporation
16. An offense which is injurious to society as a whole.
Sherman Antitrust Act
Domestic corporation
Property
Crime
17. Person who pretends to be a partner or permits others to represent him or her as a partner.
Drawer
Felony
Nominal Partner
Implied Authority
18. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Law (Blackstone's Definition)
Promissory Note
Drawer
Sale
19. Stating an untrue fact.
Qualified Endorsement
Consideration
Misrepresentation
Felony
20. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Contract
Executed Contracts
Public Corporation
Treasury Stock
21. An endorsement which limits the liability of the endorser.
Restrictive Endorsement
Plaintiff
Qualified Endorsement
Treasury Stock
22. 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.
Void Contract
Employee
Private Corporation
Minor
23. A contract which will be enforced by the court.
Bill of Sale
Undue Influence
Valid Contract
Express Authority
24. Official document detailing a defendant's defense.
Preferred Stock
Service Contracts
Felony
Answer
25. The contract existing between the consignor (shipper) and the carrier.
Capital Stock
Bill of Lading
Implied Warranties
Common Law
26. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Rescission
Cashier's Check
Misrepresentation
27. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Drawee
Discharge
Unilateral Contract
Warranties
28. A check drawn on a bank's own funds and signed by a responsible bank official.
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29. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Uniform Commercial Code
Booking
Judgment
Discovery
30. Movable tangible personal property.
Contract
Liquidated Damages
Felony
Goods
31. 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.
Silent Partner
Price
Summons (Process)
Personal Property
32. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Commercial Paper (Negotiable Instrument)
Foreign Corporation
Contractual Capability
Beneficiary
33. Person not party to a contract - but whom parties intended to benefit.
Close (closed - closely held) corporation
Undue Influence
Third Party Beneficiary
Private Corporation
34. One to whom goods are shipped by common carrier.
Foreign Corporation
Consignee
Existing Goods
Negligence
35. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Counteroffer
Valid Contract
Felony
36. 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.
Stare Decisis
Future Goods
Partnership
Misdemeanor
37. That which the promisor demands and receives as the price for a promise.
Nominal Damages
Consideration
Petition (Complaint)
Statute of Limitations
38. 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.
Void Contract
Certificate of Deposit
Misdemeanor
Commercial Paper (Negotiable Instrument)
39. The party who initiates - or makes - an offer.
Offeror
Consideration
Crime
Close (closed - closely held) corporation
40. The necessity that the parties desiring to enter into contracts meet all requirements.
Unilateral Contract
Employer
Blank Endorsement
Contractual Capability
41. A criminal offense that is punishable by confinement in prison or by death.
Express Contract
Unenforceable Contract
Future Goods
Felony
42. An agreement to an offer resulting in a contract.
Contractual Capability
Summons (Process)
Acceptance
Arraignment
43. The person against whom legal action is brought. 1
Preferred Stock
Intangible Personal Property
Nominal Partner
Defendant
44. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Bailor
Nominal Damages
Employer
45. Anything that may be owned.
Secret Partner
Drawee
Agent
Property
46. A warranty imposed by law - arising automatically because the sale has been made.
Identified Goods
Implied Warranties
Personal Property
Process (Summons)
47. Those contracts in which the terms have not been completely executed or fulfilled.
Executory Contracts
Service Contracts
Principal
Bailment
48. 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.
Order Paper
Booking
Fiduciary
Check
49. The transfer of possession but not the title of personal property by one party to another - under agreement.
Cashier's Check
Statute of Limitations
Express Warranty
Bailment
50. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Bill of Lading
Necessaries (Necessities)
Beneficiary
Formal Contract