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. Power to act for someone else.
Contractual Capability
Accord and Satisfaction
Public Corporation
Authority
2. The party who gives up possession - but not title - of property in a bailment.
Minor
Bailor
Treasury Stock
Valid Contract
3. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Breach of Contract
Summons (Process)
Misdemeanor
4. An agreement which is not in the form required by law.
Offeror
Unenforceable Contract
General Agent
Draft
5. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Negotiable Instrument (Commercial Paper)
Merchant
Unilateral Contract
6. An award paid to the injured party to cover the exact amount of their loss - but no more.
Disaffirmance
Assignment
Contract to Sell
Compensatory Damages
7. An agreement to an offer resulting in a contract.
Acceptance
Summons (Process)
Process (Summons)
Novation
8. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Punitive Damages
Bill of Sale
Commercial Paper (Negotiable Instrument)
9. The act of transferring ownership of a negotiable instrument to another party.
Order Paper
Negotiation
Petition (Complaint)
Criminal Law
10. The party to whom any negotiable instrument is made payable.
Nominal Partner
Promissory Estoppel
Payee
Preferred Stock
11. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Endorser
Preferred Stock
Assignor
Sale
12. 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.
Valid Contract
Compensatory Damages
Special Endorsement
Summons (Process)
13. The party to whom the assignment is made.
Arrest
Fraud
Assignee
Executory Contracts
14. The contract existing between the consignor (shipper) and the carrier.
Implied Warranties
Bill of Lading
General Agent
Corporation
15. 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
Par-value Stock
Minor
16. The goods specified by the buyer and seller.
Merchant
Secret Partner
Fiduciary
Identified Goods
17. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Offeror
Contract
Answer
18. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Judgment
Close (closed - closely held) corporation
Capital Stock
19. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Discovery
Tort
Malpractice
Stockholders (Shareholders)
20. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Defendant
Implied Warranties
Public Corporation
21. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Promissory Note
Blank Endorsement
Agent
Common Stock
22. A judicial order or decree forbidding the performance of a certain act.
Third Party Beneficiary
Defendant
Sherman Antitrust Act
Injunction
23. Those contracts that must be in special form or produced in a certain way - such as under seal.
Formal Contract
Special Endorsement
Secret Partner
Crime
24. 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
Unenforceable Contract
Novation
Fraud
Independent Contractor
25. Anything that may be owned.
Negotiable Instrument (Commercial Paper)
Defendant
Property
Creditor Beneficiary
26. A body of persons elected by the stockholders to define and establish corporate policy.
Property
Real Property
Board of Directors
Draft
27. An endorsement which designates the particular person to whom payment is to be made.
Arraignment
Goods
Creditor Beneficiary
Special Endorsement
28. An endorsement which prevents the use of the instrument for anything except the stated use.
Donee Beneficiary
Restrictive Endorsement
Consignee
Real Property
29. Pretrial steps taken to learn the details of the case.
Bailment
Sale
Discovery
Malpractice
30. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Implied Contract
Creditor Beneficiary
Undue Influence
Third Party Beneficiary
31. A commercial paper payable to bearer; i.e. to the person having possession of such.
Negotiation
Plaintiff
Service Contracts
Bearer Paper
32. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Usurious
Draft
Bearer Paper
Business Law
33. A warranty imposed by law - arising automatically because the sale has been made.
Implied Warranties
Express Contract
Complaint (petition)
Business Law
34. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Express Contract
Implied Warranties
Contract to Sell
Uniform Commercial Code
35. 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.
Stockholders (Shareholders)
Partnership
Sherman Antitrust Act
Foreign Corporation
36. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Offeror
General Partner
Treasury Stock
Promissory Estoppel
37. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Private Corporation
Intangible Personal Property
Payee
Unilateral Contract
38. A party who appoints a second party to serve as an agent.
Principal
Nominal Damages
Real Property
Employee
39. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Contractual Capability
Necessaries (Necessities)
Negotiable Instrument (Commercial Paper)
Public Corporation
40. The person - company - or financial institution ordered to pay a draft.
Consignee
Drawee
Discharge
Accord and Satisfaction
41. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Statutes
Fiduciary
Unenforceable Contract
Negotiable Instrument (Commercial Paper)
42. A written request initiating a civil suit.
Accord and Satisfaction
Antitrust
Petition (Complaint)
Nominal Damages
43. A negotiable instrument containing a promise to pay.
Disaffirmance
Promissory Note
Creditor Beneficiary
Implied Contract
44. An offense which is injurious to society as a whole.
Contract
Holder
Crime
Private Corporation
45. A corporation formed by individuals to form some non-governmental function.
Trial Courts
Private Corporation
Close (closed - closely held) corporation
Plaintiff
46. A criminal offense which is neither treason nor a felony.
Agent
Misdemeanor
Stare Decisis
Goods
47. A person in possession of an instrument.
Sale
Certificate of Deposit
Bearer
Tort
48. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Future Goods
Personal Property
Implied Contract
Malpractice
49. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Antitrust
Certificate of Deposit
Corporation
Felony
50. The signature or statement of purpose by the owner on the back of the instrument.
Endorsement
Criminal Law
Consignor
Drawer
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests