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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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.
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. Movable tangible personal property.
Goods
Answer
Express Authority
Existing Goods
2. The contracting of services rather than goods.
Service Contracts
Silent Partner
Negotiation
Stare Decisis
3. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Liquidated Damages
Undue Influence
Special Endorsement
4. The necessity that the parties desiring to enter into contracts meet all requirements.
Identified Goods
Contractual Capability
Fiduciary
Express Authority
5. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Commercial Paper (Negotiable Instrument)
Goods
Principal
Implied Contract
6. 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.
Bill of Sale
Summons (Process)
Common Law
Consignee
7. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Goods
Process (Summons)
Close (closed - closely held) corporation
Voidable Contract
8. 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.
Maker
Check
Assignor
Warranties
9. Declared value of outstanding stock.
Capital Stock
Necessaries (Necessities)
Personal Property
Check
10. A check drawn on a bank's own funds and signed by a responsible bank official.
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11. Laws which are enacted by legislative bodies.
Formal Contract
Statutes
Contract
Corporation
12. One who takes initial steps to form corporation.
Promoter
Duress
Offeree
Assignee
13. The party to whom the assignment is made.
Contract
Assignee
Tort
Capital Stock
14. Courts that conduct the original trial and render their decision.
Intangible Personal Property
Express Contract
Trial Courts
Personal Property
15. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Contract
Promoter
Defendant
16. An endorsement which limits the liability of the endorser.
Petition (Complaint)
Private Corporation
Goods
Qualified Endorsement
17. Operates in the state that granted the charter.
Special Agent
Existing Goods
Board of Directors
Domestic corporation
18. One who ships goods by common carrier.
Qualified Endorsement
Consignor
Counteroffer
Breach of Contract
19. A corporation formed by individuals to form some non-governmental function.
Private Corporation
Close (closed - closely held) corporation
Drawee
Complaint (petition)
20. 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).
Negotiable Instrument (Commercial Paper)
Close (closed - closely held) corporation
Executory Contracts
Voidable Contract
21. The party who acquires possession but not the title of personal property in a bailment.
Bailee
Blank Endorsement
Implied Authority
Simple Contract
22. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Qualified Endorsement
Breach of Contract
Agent
Negligence
23. Those goods which are not in existence at the time a contract is agreed to.
Crime
Nominal Partner
Future Goods
Consignor
24. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
General Partner
Merchant
Nominal Damages
Service Contracts
25. Having no words other than the signature of the endorser.
Valid Contract
Misdemeanor
Blank Endorsement
Goods
26. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Promissory Estoppel
Employer
Certificate of Deposit
Rescission
27. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Board of Directors
Consignor
Stockholders (Shareholders)
Liquidated Damages
28. A corporation formed to carry out government functions.
Public Corporation
Close (closed - closely held) corporation
Consignor
Negligence
29. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Tort
Defendant
Preferred Stock
Sale
30. A contract remedy by which the court requires the breaching party to perform the contract.
Bailee
Special Performance
Injunction
Assignment
31. 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.
Bailee
Partnership
Complaint (petition)
Check
32. An agreement to an offer resulting in a contract.
Maker
Defendant
Sale
Acceptance
33. Stock with an assigned face vale.
Par-value Stock
Subchapter S Corporation
Unenforceable Contract
Assignor
34. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Bearer Paper
Certified Check
Statute of Frauds
Express Contract
35. 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
Arraignment
Booking
Malpractice
Disaffirmance
36. A negotiable instrument containing a promise to pay.
Promissory Note
Trial Courts
Express Authority
Contractual Capability
37. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Agent
Payee
Revocation
Merchant
38. Official document detailing a defendant's defense.
Express Contract
Arraignment
Answer
Simple Contract
39. The signature or statement of purpose by the owner on the back of the instrument.
Board of Directors
Fraud
Bearer
Endorsement
40. Charging a person with a crime and asking for that person's plea.
Defendant
Arraignment
Accord and Satisfaction
Employee
41. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Stare Decisis
Beneficiary
Uniform Commercial Code
Creditor Beneficiary
42. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Bill of Sale
Consideration
Law (Blackstone's Definition)
Limited Liability Corporation
43. 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.
Crime
Partnership
Employer
Offeror
44. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Punitive Damages
Donee Beneficiary
Preferred Stock
Express Warranty
45. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Ordinances
Antitrust
Counteroffer
Agent
46. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Express Authority
Order Paper
Board of Directors
Endorsement
47. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Commercial Paper (Negotiable Instrument)
Crime
Offeror
48. The party who initiates - or makes - an offer.
Offeror
Ratification
Personal Property
Independent Contractor
49. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Process (Summons)
Booking
Foreign Corporation
Formal Contract
50. Court hearing cases appealed from lower courts.
Future Goods
Donee Beneficiary
Appellate Court
Warranties
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