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. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Executory Contracts
Holder
Bearer
2. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Certificate of Deposit
Stare Decisis
Necessaries (Necessities)
Endorser
3. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Counteroffer
Implied Contract
Warranties
Holder
4. 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).
Close (closed - closely held) corporation
Assignee
Judgment
Preferred Stock
5. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Unenforceable Contract
Goods
Consignee
6. A party who appoints a second party to serve as an agent.
Offeree
Corporation
Principal
Bailor
7. A criminal offense that is punishable by confinement in prison or by death.
Assignment
Preferred Stock
Felony
Personal Property
8. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.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
General Partner
Bearer
Bill of Lading
9. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Express Contract
Answer
Sale
10. Partner unknown to public with no part in management.
Holder
Dormant or sleeping partner
Judgment
Drawee
11. A written request initiating a civil suit.
Complaint (petition)
Express Authority
Bailment
Common Stock
12. A corporation formed by individuals to form some non-governmental function.
Assignment
Offeror
Private Corporation
Answer
13. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
14. The person - company - or financial institution ordered to pay a draft.
Drawee
Treasury Stock
Employee
Cashier's Check
15. A person in possession of an instrument.
Bearer
Existing Goods
Service Contracts
Unilateral Contract
16. The change of one of the parties to a contract at the mutual agreement of the original parties.
Principal
Promissory Estoppel
Arraignment
Novation
17. A check drawn on a bank's own funds and signed by a responsible bank official.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
18. Stock reacquired by a corporation.
Treasury Stock
Valid Contract
Warranties
Bill of Lading
19. The contract existing between the consignor (shipper) and the carrier.
Board of Directors
Executory Contracts
Donee Beneficiary
Bill of Lading
20. One to whom goods are shipped by common carrier.
Consignee
Consideration
Private Corporation
Valid Contract
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.
Property
Judgment
Fraud
Void Contract
22. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Employer
Revocation
General Agent
23. The person who executes a promissory note.
Formal Contract
Statute of Frauds
Accord and Satisfaction
Maker
24. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Private Corporation
Endorser
Independent Contractor
Executed Contracts
25. The signature or statement of purpose by the owner on the back of the instrument.
Common Law
Arraignment
Endorsement
Employee
26. Exceeding the maximum rate of interest which may be charged on loans.
Common Law
Offeror
Usurious
Beneficiary
27. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Restrictive Endorsement
Bill of Sale
Fiduciary
Bailee
28. Those contracts in which the terms have not been completely executed or fulfilled.
Executory Contracts
Offeror
Merchant
Felony
29. Declared value of outstanding stock.
Capital Stock
Drawee
Property
Sole proprietorship
30. A means whereby one party conveys rights to another person who is not a party to the original contract.
Limited Partner
Special Endorsement
Summons (Process)
Assignment
31. An endorsement which designates the particular person to whom payment is to be made.
Merchant
Counteroffer
Alien corporation
Special Endorsement
32. The party to whom any negotiable instrument is made payable.
Promissory Note
Common Law
Payee
Malpractice
33. The necessity that the parties desiring to enter into contracts meet all requirements.
Bailor
Punitive Damages
Compensatory Damages
Contractual Capability
34. An offense which is injurious to society as a whole.
Crime
Creditor Beneficiary
Employee
Intangible Personal Property
35. 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.
Usurious
Process (Summons)
Drawee
Offeror
36. A written request initiating a civil suit.
Certificate of Deposit
Executed Contracts
Voidable Contract
Petition (Complaint)
37. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Liquidated Damages
Negotiable Instrument (Commercial Paper)
Express Warranty
Express Contract
38. The person against whom legal action is brought. 1
Maker
Property
Disaffirmance
Defendant
39. 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.
Law (Blackstone's Definition)
Negotiable Instrument (Commercial Paper)
General Agent
Rescission
40. Person who pretends to be a partner or permits others to represent him or her as a partner.
Valid Contract
Goods
Draft
Nominal Partner
41. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Negligence
Draft
Commercial Paper (Negotiable Instrument)
Simple Contract
42. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Valid Contract
Negligence
Bearer Paper
43. That which the promisor demands and receives as the price for a promise.
Promissory Note
Consideration
Commercial Paper (Negotiable Instrument)
Implied Warranties
44. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Special Performance
Preferred Stock
Restrictive Endorsement
Ordinances
45. 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.
Principal
Stare Decisis
Promoter
Stockholders (Shareholders)
46. Land and those objects permanently attached to land. Rejection refusal to accept.
Contractual Capability
Real Property
Limited Liability Corporation
Restrictive Endorsement
47. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Assignee
Express Authority
Express Warranty
48. An agreement to an offer resulting in a contract.
Void Contract
Acceptance
Private Corporation
Sherman Antitrust Act
49. Having no words other than the signature of the endorser.
Blank Endorsement
Special Performance
Authority
Offeree
50. The party to whom the assignment is made.
Restrictive Endorsement
Intangible Personal Property
Valid Contract
Assignee