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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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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 person who executes a promissory note.
Executed Contracts
Valid Contract
Maker
Creditor Beneficiary
2. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Unenforceable Contract
Special Endorsement
Necessaries (Necessities)
Counteroffer
3. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Nominal Partner
Agent
Treasury Stock
Duress
4. The necessity that the parties desiring to enter into contracts meet all requirements.
Silent Partner
Contractual Capability
Beneficiary
Assignor
5. An agreement of no legal effect.
Void Contract
Bailor
Capital Stock
Crime
6. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Existing Goods
Qualified Endorsement
Sale
Corporation
7. Courts that conduct the original trial and render their decision.
Felony
Trial Courts
Employee
Preferred Stock
8. Official document detailing a defendant's defense.
Answer
Par-value Stock
Discharge
Commercial Paper (Negotiable Instrument)
9. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Antitrust
Express Warranty
Public Corporation
Misrepresentation
10. Pretrial steps taken to learn the details of the case.
Necessaries (Necessities)
Discovery
Assignee
Tort
11. 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.
Principal
Fraud
Beneficiary
Employee
12. A judicial order or decree forbidding the performance of a certain act.
Personal Property
Duress
Domestic corporation
Injunction
13. That which the promisor demands and receives as the price for a promise.
Ordinances
Consideration
Law (Blackstone's Definition)
Special Endorsement
14. Canceling - annulling - avoiding.
Service Contracts
Statutes
Rescission
Uniform Commercial Code
15. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Petition (Complaint)
Order Paper
Certified Check
Endorser
16. The party to whom any negotiable instrument is made payable.
Implied Warranties
Malpractice
Misdemeanor
Payee
17. 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.
Corporation
Contractual Capability
Arrest
Employee
18. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Blank Endorsement
Discharge
Breach of Contract
Executed Contracts
19. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Appellate Court
Certificate of Deposit
Dormant or sleeping partner
20. Person who writes his or her name on back of instrument.
Punitive Damages
Contract to Sell
Endorser
Usurious
21. A business owned by one person.
Special Performance
Personal Property
Sole proprietorship
Intangible Personal Property
22. Customs that have become recognized by the courts as binding on the community.
Fraud
Plaintiff
Common Law
Identified Goods
23. One in possession of commercial paper.
Holder
Void Contract
Booking
Unenforceable Contract
24. 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.
Draft
Merchant
Bailment
Nominal Partner
25. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Fiduciary
Sherman Antitrust Act
Punitive Damages
26. A check drawn on a bank's own funds and signed by a responsible bank official.
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27. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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28. The party who initiates - or makes - an offer.
Employee
Ratification
Counteroffer
Offeror
29. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Third Party Beneficiary
Promoter
Shareholders (Stockholders)
30. An agreement between two or more competent persons which is enforceable by law.
Bearer
Offeree
Sale
Contract
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.
Breach of Contract
Warranties
Summons (Process)
Assignee
32. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Stockholders (Shareholders)
Alien corporation
Express Authority
33. 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
Booking
Business Law
Bill of Sale
Arrest
34. 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
Assignee
Personal Property
Independent Contractor
Draft
35. An endorsement which prevents the use of the instrument for anything except the stated use.
Void Contract
Restrictive Endorsement
Judgment
Contract to Sell
36. The goods specified by the buyer and seller.
Identified Goods
Goods
Tort
Petition (Complaint)
37. A decision of a court.
Judgment
Bailee
Silent Partner
Rescission
38. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
Corporation
Disaffirmance
General Agent
Malpractice
39. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Board of Directors
Partnership
Assignor
40. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Bailee
Criminal Law
Warranties
Assignee
41. Anything that may be owned.
Special Agent
Arraignment
Domestic corporation
Property
42. The party to whom the assignment is made.
Offeree
Assignee
Private Corporation
Board of Directors
43. 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.
Statute of Frauds
Discharge
Implied Authority
Process (Summons)
44. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Restrictive Endorsement
Booking
Beneficiary
Nominal Damages
45. A corporation formed to carry out government functions.
Public Corporation
Bill of Lading
Bill of Sale
Offeree
46. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Uniform Commercial Code
Close (closed - closely held) corporation
General Partner
Limited Liability Corporation
47. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Arrest
Preferred Stock
Promissory Estoppel
Board of Directors
48. An expression of willingness to enter a contractual agreement.
Offer
Trial Courts
Bailment
Acceptance
49. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Stockholders (Shareholders)
Misdemeanor
Felony
50. 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.
Public Corporation
Crime
Employer
Offeror
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