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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. To take into police custody.
Arrest
Bailment
Service Contracts
Nominal Damages
2. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Preferred Stock
Unenforceable Contract
Third Party Beneficiary
Order Paper
3. 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
Contract
Check
Booking
Statute of Limitations
4. 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.
Breach of Contract
Drawee
Partnership
General Agent
5. A corporation formed by individuals to form some non-governmental function.
Commercial Paper (Negotiable Instrument)
Independent Contractor
Private Corporation
Service Contracts
6. Anything that may be owned.
Property
Void Contract
Cashier's Check
Contractual Capability
7. 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.
Express Authority
Subchapter S Corporation
Employer
Offeree
8. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Bailment
Felony
Warranties
9. A decision of a court.
Punitive Damages
Uniform Commercial Code
Limited Liability Corporation
Judgment
10. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
General Partner
Promissory Note
Void Contract
11. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Consignor
Special Endorsement
Express Warranty
12. An agreement of no legal effect.
Assignee
Unenforceable Contract
Void Contract
Board of Directors
13. Those goods which are not in existence at the time a contract is agreed to.
Drawer
Special Agent
Future Goods
Personal Property
14. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Close (closed - closely held) corporation
Felony
Nominal Partner
15. Partner unknown to public with no part in management.
Punitive Damages
Qualified Endorsement
Dormant or sleeping partner
Express Authority
16. A contract which will be enforced by the court.
Silent Partner
Rescission
Valid Contract
Board of Directors
17. Official document detailing a defendant's defense.
Answer
Commercial Paper (Negotiable Instrument)
Uniform Commercial Code
Qualified Endorsement
18. One who takes initial steps to form corporation.
Promoter
Payee
Principal
Law (Blackstone's Definition)
19. A check drawn on a bank's own funds and signed by a responsible bank official.
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20. One in possession of commercial paper.
Payee
Drawee
Holder
Special Endorsement
21. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Fraud
Merchant
Process (Summons)
Malpractice
22. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Warranties
Valid Contract
Negligence
23. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Void Contract
Contract
Consignee
24. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Domestic corporation
Felony
Void Contract
Voidable Contract
25. A written request initiating a civil suit.
Complaint (petition)
Common Stock
Defendant
Private Corporation
26. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Draft
Undue Influence
Board of Directors
27. A criminal offense that is punishable by confinement in prison or by death.
Accord and Satisfaction
Bearer Paper
Summons (Process)
Felony
28. A negotiable instrument containing a promise to pay.
Unenforceable Contract
Promissory Note
Holder
Stare Decisis
29. Stock that entitles owner vote.
Real Property
Express Warranty
Contract to Sell
Common Stock
30. A means whereby one party conveys rights to another person who is not a party to the original contract.
Negligence
Limited Liability Corporation
Assignment
Acceptance
31. A written request initiating a civil suit.
Formal Contract
Statute of Limitations
Judgment
Petition (Complaint)
32. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Tort
Punitive Damages
Qualified Endorsement
33. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Misrepresentation
Special Agent
Limited Liability Corporation
Bill of Lading
34. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Certificate of Deposit
Dormant or sleeping partner
Statute of Frauds
Sale
35. The party who gives up possession - but not title - of property in a bailment.
Bailor
Express Authority
Private Corporation
Holder
36. An expression of willingness to enter a contractual agreement.
Antitrust
Offer
Voidable Contract
Usurious
37. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Assignment
Complaint (petition)
Negotiable Instrument (Commercial Paper)
Board of Directors
38. 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.
Stockholders (Shareholders)
Duress
Creditor Beneficiary
Employee
39. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Promoter
Property
Appellate Court
40. One that is incorporated in a foreign country.
Alien corporation
Defendant
Capital Stock
Crime
41. An offense which is injurious to society as a whole.
General Partner
Crime
Accord and Satisfaction
Intangible Personal Property
42. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Close (closed - closely held) corporation
Dormant or sleeping partner
Shareholders (Stockholders)
Discharge
43. Pretrial steps taken to learn the details of the case.
Valid Contract
Agent
Discovery
Appellate Court
44. 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.
Offeree
Consignee
Price
Partnership
45. Person who writes his or her name on back of instrument.
Offer
Discharge
Consignor
Endorser
46. That which the promisor demands and receives as the price for a promise.
Arrest
Consideration
Arraignment
Service Contracts
47. The party to whom the assignment is made.
Assignee
Unilateral Contract
Valid Contract
Assignor
48. The authority of an agent - stated in the document or agreement creating the agency.
Fiduciary
Antitrust
Express Authority
Discharge
49. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Acceptance
Certificate of Deposit
Merchant
Preferred Stock
50. 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.
Goods
Unilateral Contract
Statutes
Stare Decisis