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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. 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
Statute of Limitations
Consideration
Negligence
Intangible Personal Property
2. Charging a person with a crime and asking for that person's plea.
Arraignment
Future Goods
Bailor
Necessaries (Necessities)
3. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Statute of Limitations
Qualified Endorsement
Necessaries (Necessities)
Arraignment
4. Land and those objects permanently attached to land. Rejection refusal to accept.
Real Property
Creditor Beneficiary
Statute of Limitations
Sherman Antitrust Act
5. The signature or statement of purpose by the owner on the back of the instrument.
Necessaries (Necessities)
Endorsement
Simple Contract
Arrest
6. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Void Contract
Usurious
Undue Influence
7. 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
Merchant
Promissory Estoppel
Qualified Endorsement
Independent Contractor
8. Person who pretends to be a partner or permits others to represent him or her as a partner.
Novation
Nominal Partner
Nominal Damages
Defendant
9. The party who initiates - or makes - an offer.
Assignee
Offer
Offeror
Contractual Capability
10. A warranty imposed by law - arising automatically because the sale has been made.
Service Contracts
Undue Influence
Implied Warranties
Bailment
11. Laws which are enacted by legislative bodies.
Certified Check
Plaintiff
Statutes
Revocation
12. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Judgment
Bailment
Personal Property
13. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Consignor
Sale
Duress
Voidable Contract
14. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Statute of Limitations
Shareholders (Stockholders)
Bailee
General Agent
15. 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
Contractual Capability
Misdemeanor
Criminal Law
16. The person who executes any draft.
Special Performance
Donee Beneficiary
Drawer
Novation
17. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Draft
Certificate of Deposit
Subchapter S Corporation
Void Contract
18. 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.
Stare Decisis
Antitrust
Law (Blackstone's Definition)
Criminal Law
19. All property which is not real property.
Commercial Paper (Negotiable Instrument)
Personal Property
Discharge
Arraignment
20. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Plaintiff
Negotiation
Antitrust
21. The party making the assignment.
Assignor
Preferred Stock
Beneficiary
Goods
22. Stock with an assigned face vale.
Minor
Par-value Stock
Bearer Paper
Bailor
23. That consideration stipulated by contract - generally expressed in money or money's worth.
Board of Directors
Summons (Process)
Price
Malpractice
24. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Maker
Promissory Note
Stockholders (Shareholders)
Unilateral Contract
25. A means whereby one party conveys rights to another person who is not a party to the original contract.
Restrictive Endorsement
Authority
Bill of Sale
Assignment
26. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Bill of Sale
Special Performance
Principal
27. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Limited Partner
Formal Contract
Employer
Counteroffer
28. A contract remedy by which the court requires the breaching party to perform the contract.
Offeror
Defendant
Compensatory Damages
Special Performance
29. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Accord and Satisfaction
Crime
Contract to Sell
30. Power to act for someone else.
Tort
Certificate of Deposit
Assignee
Authority
31. A written request initiating a civil suit.
General Partner
Holder
Cashier's Check
Complaint (petition)
32. A party who appoints a second party to serve as an agent.
Usurious
Principal
Contractual Capability
Limited Partner
33. The person to whom an offer is made.
Property
Express Warranty
Offeree
Tort
34. An agreement which is not in the form required by law.
Unenforceable Contract
Executed Contracts
Authority
Bailor
35. An agreement to an offer resulting in a contract.
Felony
Counteroffer
Breach of Contract
Acceptance
36. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Void Contract
Special Endorsement
Drawee
37. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Accord and Satisfaction
Warranties
Complaint (petition)
Express Contract
38. A check drawn on a bank's own funds and signed by a responsible bank official.
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39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Subchapter S Corporation
Cashier's Check
Crime
40. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Implied Contract
Service Contracts
Assignor
41. 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.
Contract
Ratification
Simple Contract
Corporation
42. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Statute of Limitations
Authority
Employee
Voidable Contract
43. Laws which seek to promote competition among businesses.
Antitrust
Par-value Stock
Sherman Antitrust Act
Revocation
44. Official document detailing a defendant's defense.
Answer
Partnership
Drawee
Revocation
45. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Complaint (petition)
Uniform Commercial Code
Bailee
46. An offense which is injurious to society as a whole.
Crime
Certified Check
Executory Contracts
Price
47. A decision of a court.
Contract
Judgment
Misrepresentation
Offeree
48. Canceling - annulling - avoiding.
Rescission
Price
Merchant
Drawer
49. Stock that entitles owner vote.
Check
Common Stock
Defendant
Merchant
50. To take into police custody.
Bailment
Special Performance
Future Goods
Arrest