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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. 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.
Contractual Capability
Draft
Intangible Personal Property
Voidable Contract
2. Courts that conduct the original trial and render their decision.
Trial Courts
Revocation
Contractual Capability
Ratification
3. One to whom goods are shipped by common carrier.
Discharge
Nominal Partner
Drawee
Consignee
4. An agreement which is not in the form required by law.
Creditor Beneficiary
Injunction
Executory Contracts
Unenforceable Contract
5. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Treasury Stock
Fiduciary
Answer
6. A criminal offense that is punishable by confinement in prison or by death.
Minor
Trial Courts
Felony
Sale
7. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Liquidated Damages
Process (Summons)
Negotiable Instrument (Commercial Paper)
Beneficiary
8. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Criminal Law
Bailor
Beneficiary
9. One in possession of commercial paper.
Bearer
Complaint (petition)
Holder
Void Contract
10. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Bailor
Unilateral Contract
Cashier's Check
11. Any contract other than a formal contract - whether written - oral or implied.
Plaintiff
Simple Contract
Promoter
Booking
12. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Express Warranty
Business Law
Intangible Personal Property
13. A check for which the bank assures that the drawer has sufficient funds to make payment.
Preferred Stock
Offeree
Certified Check
Future Goods
14. A party who appoints a second party to serve as an agent.
Bearer
Principal
Booking
Future Goods
15. Partner unknown to public with no part in management.
Corporation
Unilateral Contract
Bearer Paper
Dormant or sleeping partner
16. Person who pretends to be a partner or permits others to represent him or her as a partner.
Close (closed - closely held) corporation
Business Law
Bailee
Nominal Partner
17. The act of transferring ownership of a negotiable instrument to another party.
Negotiation
Sole proprietorship
General Partner
Shareholders (Stockholders)
18. The repudiation of - or election to avoid - a voidable contract.
Disaffirmance
Draft
Third Party Beneficiary
Warranties
19. 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.
Secret Partner
Summons (Process)
Creditor Beneficiary
Authority
20. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Foreign Corporation
Secret Partner
Voidable Contract
Promissory Estoppel
21. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Blank Endorsement
Board of Directors
Uniform Commercial Code
Minor
22. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Implied Authority
Authority
Board of Directors
23. Pretrial steps taken to learn the details of the case.
Discovery
Arraignment
Certificate of Deposit
Nominal Partner
24. To take into police custody.
Arrest
Offeree
Promissory Note
Contractual Capability
25. 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
Shareholders (Stockholders)
Identified Goods
Ordinances
26. Stating an untrue fact.
Misrepresentation
Implied Warranties
Preferred Stock
Assignment
27. Power to act for someone else.
Authority
Negligence
Duress
Booking
28. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Certified Check
Domestic corporation
Statutes
Negligence
29. 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.
Statute of Frauds
Trial Courts
Corporation
Sole proprietorship
30. Stock reacquired by a corporation.
Maker
Intangible Personal Property
Negotiation
Treasury Stock
31. A business owned by one person.
Employee
Sole proprietorship
Bearer Paper
Summons (Process)
32. A check drawn on a bank's own funds and signed by a responsible bank official.
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33. 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.
Partnership
Ratification
Contractual Capability
Qualified Endorsement
34. Partner active in a business unknown to the public.
Secret Partner
Sherman Antitrust Act
Duress
Negotiation
35. A corporation formed by individuals to form some non-governmental function.
Implied Contract
Draft
Answer
Private Corporation
36. Stock that entitles owner vote.
Common Stock
Bill of Lading
Undue Influence
Limited Partner
37. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Restrictive Endorsement
Preferred Stock
Maker
Unilateral Contract
38. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Private Corporation
Assignee
Common Law
Stockholders (Shareholders)
39. Declared value of outstanding stock.
Capital Stock
Summons (Process)
Complaint (petition)
Offer
40. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Common Law
Certified Check
Bill of Lading
41. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Nominal Damages
Void Contract
Contractual Capability
Subchapter S Corporation
42. The person who executes a promissory note.
Unenforceable Contract
Maker
Contractual Capability
Domestic corporation
43. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Injunction
Liquidated Damages
Domestic corporation
Discharge
44. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Draft
Judgment
Defendant
45. Laws dealing with crimes and the punishment of wrongdoers.
Statute of Limitations
Cashier's Check
Restrictive Endorsement
Criminal Law
46. Charging a person with a crime and asking for that person's plea.
Arraignment
Answer
Usurious
Complaint (petition)
47. A document of conveyance that provides written evidence of one's title to tangible personal property.
Crime
Bill of Sale
Common Stock
Unilateral Contract
48. The party to whom any negotiable instrument is made payable.
Payee
Bill of Sale
Minor
Plaintiff
49. 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.
Felony
Merchant
Check
Executory Contracts
50. The party who initiates - or makes - an offer.
Offeror
Warranties
Dormant or sleeping partner
Revocation