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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. To take into police custody.
Arrest
Discharge
Public Corporation
Blank Endorsement
2. Customs that have become recognized by the courts as binding on the community.
Revocation
Common Law
Employee
Limited Partner
3. A criminal offense that is punishable by confinement in prison or by death.
Disaffirmance
Endorser
General Agent
Felony
4. Partner unknown to public with no part in management.
Dormant or sleeping partner
Payee
Revocation
Silent Partner
5. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Formal Contract
Beneficiary
Business Law
Arraignment
6. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Property
Preferred Stock
Bailee
Implied Warranties
7. 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.
Draft
Maker
Malpractice
Defendant
8. A document of conveyance that provides written evidence of one's title to tangible personal property.
Counteroffer
Bailment
Bill of Sale
Future Goods
9. The person against whom legal action is brought. 1
Discovery
Secret Partner
Stockholders (Shareholders)
Defendant
10. A check for which the bank assures that the drawer has sufficient funds to make payment.
Assignor
Certified Check
Bill of Lading
Negotiable Instrument (Commercial Paper)
11. One who takes initial steps to form corporation.
Accord and Satisfaction
Promoter
Simple Contract
Bailment
12. The party to whom any negotiable instrument is made payable.
Assignee
Payee
Valid Contract
Goods
13. Power to act for someone else.
Implied Authority
Consignor
Authority
Employer
14. All property which is not real property.
Misrepresentation
Statutes
Judgment
Personal Property
15. 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)
Negotiation
Board of Directors
Misrepresentation
16. One in possession of commercial paper.
Holder
Duress
Order Paper
Service Contracts
17. The goods specified by the buyer and seller.
Alien corporation
Express Contract
Intangible Personal Property
Identified Goods
18. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Holder
Judgment
Promissory Note
19. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Employee
Maker
Sherman Antitrust Act
Private Corporation
20. The party who gives up possession - but not title - of property in a bailment.
Bailor
Merchant
Holder
Silent Partner
21. A criminal offense which is neither treason nor a felony.
Blank Endorsement
Misdemeanor
General Agent
Unilateral Contract
22. Person who writes his or her name on back of instrument.
Silent Partner
Drawee
Endorser
Negotiation
23. That which the promisor demands and receives as the price for a promise.
Consideration
Booking
Endorsement
Independent Contractor
24. 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.
Employee
Liquidated Damages
Property
Bailee
25. Those goods which are - at the time of the contract - in existence and owned by the seller.
Private Corporation
Existing Goods
Intangible Personal Property
Summons (Process)
26. A judicial order or decree forbidding the performance of a certain act.
Intangible Personal Property
Injunction
Endorsement
Identified Goods
27. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Goods
Creditor Beneficiary
Formal Contract
Breach of Contract
28. A written request initiating a civil suit.
Petition (Complaint)
Common Law
Bearer Paper
Bill of Lading
29. Pretrial steps taken to learn the details of the case.
Order Paper
Arraignment
Discovery
Implied Warranties
30. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contractual Capability
Donee Beneficiary
Simple Contract
Contract to Sell
31. The party making the assignment.
Secret Partner
Assignor
Assignment
Implied Warranties
32. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.
Ordinances
Employee
Close (closed - closely held) corporation
Check
33. An agreement to an offer resulting in a contract.
Qualified Endorsement
Arraignment
Commercial Paper (Negotiable Instrument)
Acceptance
34. One that is incorporated in a foreign country.
Bearer
Alien corporation
Implied Warranties
Executory Contracts
35. Operates in the state that granted the charter.
Corporation
Voidable Contract
Domestic corporation
Liquidated Damages
36. A contract which will be enforced by the court.
Rescission
Valid Contract
Bearer Paper
Public Corporation
37. 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.
Authority
Express Authority
Fraud
Order Paper
38. The person who executes a promissory note.
Corporation
Maker
Plaintiff
Endorsement
39. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Implied Contract
Implied Warranties
Tort
Ratification
40. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Agent
Future Goods
Commercial Paper (Negotiable Instrument)
41. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Novation
Fiduciary
Board of Directors
Common Law
42. The party who initiates - or makes - an offer.
Assignor
Offeror
Complaint (petition)
Principal
43. The person who executes any draft.
Antitrust
Consideration
Check
Drawer
44. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Bearer Paper
Maker
Beneficiary
Foreign Corporation
45. A contract remedy by which the court requires the breaching party to perform the contract.
Consignor
Defendant
Order Paper
Special Performance
46. An individual actively and openly engaged in the business and held out to everyone as a partner.
Silent Partner
Holder
Foreign Corporation
General Partner
47. Laws which are enacted by legislative bodies.
Sherman Antitrust Act
Void Contract
Assignee
Statutes
48. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Common Stock
Implied Contract
Creditor Beneficiary
Fraud
49. 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
Voidable Contract
Endorser
Arrest
Booking
50. A means whereby one party conveys rights to another person who is not a party to the original contract.
Drawer
Assignment
Nominal Partner
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