SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Declared value of outstanding stock.
Capital Stock
Endorser
Alien corporation
Tort
2. The goods specified by the buyer and seller.
Identified Goods
Valid Contract
Express Contract
General Partner
3. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Alien corporation
Petition (Complaint)
Offeree
4. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Rescission
Formal Contract
Nominal Partner
5. An endorsement which limits the liability of the endorser.
Limited Partner
Bearer
Qualified Endorsement
Bearer Paper
6. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Commercial Paper (Negotiable Instrument)
Sole proprietorship
Punitive Damages
Assignment
7. A commercial paper payable to bearer; i.e. to the person having possession of such.
Compensatory Damages
Bearer Paper
Limited Partner
Close (closed - closely held) corporation
8. Confirming an act that was executed without authority or an act which was voidable.
Commercial Paper (Negotiable Instrument)
Sale
Preferred Stock
Ratification
9. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Consignee
Creditor Beneficiary
Usurious
Express Contract
10. Person who pretends to be a partner or permits others to represent him or her as a partner.
Fraud
Nominal Partner
Uniform Commercial Code
Merchant
11. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Novation
Undue Influence
Real Property
12. 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.
Consideration
Existing Goods
Corporation
Agent
13. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Offeree
Rescission
Close (closed - closely held) corporation
Acceptance
14. 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.
Public Corporation
Void Contract
Partnership
Disaffirmance
15. The party to whom the assignment is made.
Assignment
Assignee
Certified Check
Subchapter S Corporation
16. Operates in the state that granted the charter.
Defendant
Check
Promoter
Domestic corporation
17. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bill of Sale
Petition (Complaint)
Special Performance
Bearer Paper
18. A corporation formed by individuals to form some non-governmental function.
Trial Courts
Treasury Stock
Private Corporation
Existing Goods
19. An agreement of no legal effect.
Capital Stock
Void Contract
Special Agent
Identified Goods
20. A decision of a court.
Maker
Alien corporation
Independent Contractor
Judgment
21. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Existing Goods
Creditor Beneficiary
Implied Contract
Authority
22. An individual who takes no active part in the management of a business but has capital invested in the business.
Crime
Goods
Duress
Silent Partner
23. Stating an untrue fact.
Limited Partner
Misrepresentation
Stockholders (Shareholders)
Commercial Paper (Negotiable Instrument)
24. Land and those objects permanently attached to land. Rejection refusal to accept.
Authority
Bearer Paper
Contractual Capability
Real Property
25. The individual who initiates a civil action.
Plaintiff
Implied Authority
Injunction
Agent
26. A contract remedy by which the court requires the breaching party to perform the contract.
Assignor
Special Performance
Ratification
Sale
27. One authorized by the principal to execute specific acts.
Injunction
Donee Beneficiary
Special Endorsement
Special Agent
28. A business owned by one person.
Misrepresentation
Sole proprietorship
Promissory Estoppel
Future Goods
29. One in possession of commercial paper.
Bailee
Antitrust
Holder
Special Endorsement
30. Court hearing cases appealed from lower courts.
Existing Goods
Appellate Court
Creditor Beneficiary
Limited Partner
31. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Formal Contract
Independent Contractor
Special Agent
Executed Contracts
32. The necessity that the parties desiring to enter into contracts meet all requirements.
Limited Partner
Booking
Close (closed - closely held) corporation
Contractual Capability
33. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Drawer
Simple Contract
Limited Liability Corporation
Holder
34. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Simple Contract
Commercial Paper (Negotiable Instrument)
Order Paper
Valid Contract
35. A body of persons elected by the stockholders to define and establish corporate policy.
Voidable Contract
Board of Directors
Statute of Limitations
Future Goods
36. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Felony
Order Paper
Property
37. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Personal Property
Complaint (petition)
Intangible Personal Property
Stockholders (Shareholders)
38. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Novation
Promissory Estoppel
Stare Decisis
39. The person - company - or financial institution ordered to pay a draft.
Bailor
Sale
Drawee
Injunction
40. An agreement which is not in the form required by law.
Malpractice
Certified Check
Unenforceable Contract
Offeror
41. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Limited Partner
Undue Influence
Simple Contract
Contractual Capability
42. 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.
Statute of Frauds
Certified Check
Merchant
Employee
43. Power to act for someone else.
Crime
Novation
Authority
Drawer
44. An endorsement which designates the particular person to whom payment is to be made.
Special Endorsement
Law (Blackstone's Definition)
Public Corporation
Common Stock
45. The party to whom any negotiable instrument is made payable.
Disaffirmance
Payee
Judgment
Special Agent
46. An offense which is injurious to society as a whole.
Statute of Limitations
Defendant
Subchapter S Corporation
Crime
47. A warranty imposed by law - arising automatically because the sale has been made.
Endorser
Implied Warranties
Assignment
Negotiable Instrument (Commercial Paper)
48. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Capital Stock
Summons (Process)
Contract to Sell
Bailment
49. 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
Independent Contractor
Sole proprietorship
Intangible Personal Property
Disaffirmance
50. 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.
Process (Summons)
Promissory Note
Promoter
Valid Contract