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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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.
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 that must be in special form or produced in a certain way - such as under seal.
Close (closed - closely held) corporation
Formal Contract
Special Performance
Contract
2. 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
Promoter
Independent Contractor
Consideration
Appellate Court
3. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Contract to Sell
Statutes
Counteroffer
Foreign Corporation
4. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Limited Liability Corporation
Petition (Complaint)
Foreign Corporation
Crime
5. Canceling - annulling - avoiding.
Revocation
Negotiation
Rescission
Misdemeanor
6. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Executory Contracts
Breach of Contract
Draft
Employee
7. A corporation formed by individuals to form some non-governmental function.
Common Law
Partnership
Private Corporation
Bailee
8. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Executory Contracts
Future Goods
Assignment
Accord and Satisfaction
9. A written request initiating a civil suit.
Petition (Complaint)
Goods
Statute of Limitations
Bill of Sale
10. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Shareholders (Stockholders)
Punitive Damages
Undue Influence
Warranties
11. Laws which are enacted by legislative bodies.
Statutes
Necessaries (Necessities)
Answer
Bailor
12. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Discovery
Authority
Public Corporation
13. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
General Partner
Valid Contract
Consideration
Shareholders (Stockholders)
14. The party making the assignment.
Summons (Process)
Holder
Appellate Court
Assignor
15. A check for which the bank assures that the drawer has sufficient funds to make payment.
Order Paper
Secret Partner
Certified Check
Express Warranty
16. Power to act for someone else.
Law (Blackstone's Definition)
Authority
Answer
Common Stock
17. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Certificate of Deposit
Close (closed - closely held) corporation
Partnership
18. A means whereby one party conveys rights to another person who is not a party to the original contract.
Agent
Law (Blackstone's Definition)
Assignment
Express Contract
19. A check drawn on a bank's own funds and signed by a responsible bank official.
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20. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Special Performance
Voidable Contract
Authority
21. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Principal
Counteroffer
Revocation
Nominal Damages
22. A business owned by one person.
Promissory Estoppel
Goods
Sole proprietorship
Check
23. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Undue Influence
Tort
Contract to Sell
Alien corporation
24. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Real Property
Punitive Damages
Check
25. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Nominal Damages
Undue Influence
Voidable Contract
Certificate of Deposit
26. The party to whom the assignment is made.
Common Stock
Assignee
Crime
Accord and Satisfaction
27. A criminal offense that is punishable by confinement in prison or by death.
Sherman Antitrust Act
Felony
Foreign Corporation
Goods
28. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Disaffirmance
Felony
Misdemeanor
Minor
29. An endorsement which limits the liability of the endorser.
Duress
Qualified Endorsement
Subchapter S Corporation
Service Contracts
30. The party who acquires possession but not the title of personal property in a bailment.
Creditor Beneficiary
Assignment
Bailee
Misdemeanor
31. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Payee
Commercial Paper (Negotiable Instrument)
Partnership
32. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Petition (Complaint)
Drawer
Order Paper
Simple Contract
33. A party who appoints a second party to serve as an agent.
General Agent
Principal
Donee Beneficiary
Consideration
34. An endorsement which designates the particular person to whom payment is to be made.
Sherman Antitrust Act
Personal Property
Felony
Special Endorsement
35. 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.
Independent Contractor
Uniform Commercial Code
Order Paper
Malpractice
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.
Punitive Damages
Negligence
Subchapter S Corporation
Partnership
37. The party to whom any negotiable instrument is made payable.
Consignor
Payee
Public Corporation
Employer
38. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Maker
Nominal Damages
Process (Summons)
Usurious
39. 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
Counteroffer
Booking
Existing Goods
Public Corporation
40. 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.
Promissory Note
Qualified Endorsement
Commercial Paper (Negotiable Instrument)
Third Party Beneficiary
41. The party who gives up possession - but not title - of property in a bailment.
Bailor
Minor
Bailment
Special Endorsement
42. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Promoter
Special Performance
Arraignment
Sale
43. Stock reacquired by a corporation.
Limited Liability Corporation
Treasury Stock
Certified Check
Common Law
44. A negotiable instrument containing a promise to pay.
Payee
Promissory Note
Booking
Principal
45. A written request initiating a civil suit.
Limited Liability Corporation
Complaint (petition)
Creditor Beneficiary
Check
46. An agreement to an offer resulting in a contract.
Usurious
Acceptance
Liquidated Damages
Duress
47. Stock that entitles owner vote.
Partnership
Counteroffer
Common Stock
Criminal Law
48. Laws which seek to promote competition among businesses.
Special Endorsement
Petition (Complaint)
Drawee
Antitrust
49. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Subchapter S Corporation
Rescission
Uniform Commercial Code
Criminal Law
50. The contracting of services rather than goods.
Assignment
Petition (Complaint)
Consideration
Service Contracts
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