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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. Person not party to a contract - but whom parties intended to benefit.
Beneficiary
Creditor Beneficiary
Third Party Beneficiary
Liquidated Damages
2. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Malpractice
Assignee
Identified Goods
Liquidated Damages
3. One who ships goods by common carrier.
Silent Partner
Breach of Contract
Bill of Lading
Consignor
4. The signature or statement of purpose by the owner on the back of the instrument.
Capital Stock
Endorsement
Usurious
Bailment
5. 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.
Employer
Answer
Assignment
Promoter
6. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Formal Contract
Intangible Personal Property
Draft
Dormant or sleeping partner
7. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Discharge
Offeree
Negligence
8. 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.
Commercial Paper (Negotiable Instrument)
Employee
Domestic corporation
Limited Partner
9. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Identified Goods
Sale
Treasury Stock
Business Law
10. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Common Law
Stockholders (Shareholders)
Defendant
Criminal Law
11. 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.
Shareholders (Stockholders)
Employer
Duress
Express Authority
12. That which the promisor demands and receives as the price for a promise.
Usurious
Goods
Misdemeanor
Consideration
13. Official document detailing a defendant's defense.
Uniform Commercial Code
Preferred Stock
Contractual Capability
Answer
14. The individual who initiates a civil action.
Third Party Beneficiary
Dormant or sleeping partner
Plaintiff
Negligence
15. Partner active in a business unknown to the public.
Qualified Endorsement
Close (closed - closely held) corporation
Secret Partner
Bearer Paper
16. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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17. 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.
Disaffirmance
Employer
Summons (Process)
Principal
18. An endorsement which designates the particular person to whom payment is to be made.
Endorsement
Blank Endorsement
Special Endorsement
Special Agent
19. A warranty imposed by law - arising automatically because the sale has been made.
Compensatory Damages
Implied Warranties
Unenforceable Contract
Counteroffer
20. The party who initiates - or makes - an offer.
Executed Contracts
Close (closed - closely held) corporation
Cashier's Check
Offeror
21. Courts that conduct the original trial and render their decision.
Special Performance
Trial Courts
Formal Contract
Novation
22. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Bailor
Public Corporation
Sale
Express Contract
23. 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
Judgment
Principal
Liquidated Damages
Independent Contractor
24. Those goods which are not in existence at the time a contract is agreed to.
Employer
Future Goods
Order Paper
Board of Directors
25. Canceling - annulling - avoiding.
General Agent
Rescission
Negotiable Instrument (Commercial Paper)
Fiduciary
26. Operates in the state that granted the charter.
Statute of Limitations
Domestic corporation
Express Warranty
Independent Contractor
27. Laws which seek to promote competition among businesses.
Bill of Sale
Rescission
Contract to Sell
Antitrust
28. 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.
General Agent
Sherman Antitrust Act
Corporation
General Partner
29. Stock that entitles owner vote.
Common Stock
Punitive Damages
Principal
General Agent
30. A negotiable instrument containing a promise to pay.
Common Law
Promissory Note
Limited Partner
Misdemeanor
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.
Cashier's Check
General Agent
Process (Summons)
Negotiable Instrument (Commercial Paper)
32. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Bearer
Unilateral Contract
Implied Contract
33. 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.
Identified Goods
Statute of Frauds
Endorsement
Antitrust
34. A written request initiating a civil suit.
Foreign Corporation
Acceptance
Express Contract
Petition (Complaint)
35. The person to whom an offer is made.
Unilateral Contract
Offeree
Misrepresentation
Contract
36. 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.
Special Performance
Contractual Capability
Shareholders (Stockholders)
Stare Decisis
37. Partner unknown to public with no part in management.
Dormant or sleeping partner
Bailee
Endorser
Fiduciary
38. The contract existing between the consignor (shipper) and the carrier.
Implied Contract
Plaintiff
Bill of Lading
Fraud
39. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Rescission
Silent Partner
Malpractice
40. 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.
Bill of Lading
Check
Breach of Contract
Discovery
41. A criminal offense that is punishable by confinement in prison or by death.
Felony
Bearer Paper
Draft
Restrictive Endorsement
42. A person in possession of an instrument.
Minor
Bearer
Arrest
Booking
43. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
General Partner
Minor
Compensatory Damages
Partnership
44. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Process (Summons)
Silent Partner
Sherman Antitrust Act
Implied Contract
45. A document of conveyance that provides written evidence of one's title to tangible personal property.
Limited Liability Corporation
Novation
Bill of Sale
Personal Property
46. One who takes initial steps to form corporation.
Promoter
Beneficiary
Implied Warranties
Special Endorsement
47. The authority of an agent - stated in the document or agreement creating the agency.
Goods
Express Contract
Booking
Express Authority
48. An individual who takes no active part in the management of a business but has capital invested in the business.
Uniform Commercial Code
Offeree
Contract
Silent Partner
49. Person who pretends to be a partner or permits others to represent him or her as a partner.
Assignor
Nominal Partner
Discovery
Negotiation
50. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Domestic corporation
Counteroffer
Process (Summons)