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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 contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Intangible Personal Property
Criminal Law
Voidable Contract
Bill of Sale
2. The person - company - or financial institution ordered to pay a draft.
Consignee
Drawee
Disaffirmance
Employee
3. The individual who initiates a civil action.
Malpractice
Holder
Plaintiff
Minor
4. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Necessaries (Necessities)
Limited Partner
Draft
Misdemeanor
5. An agreement to an offer resulting in a contract.
Negotiation
Arrest
Bill of Lading
Acceptance
6. The repudiation of - or election to avoid - a voidable contract.
Acceptance
Tort
Partnership
Disaffirmance
7. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Rescission
Novation
Nominal Damages
Bailment
8. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Independent Contractor
Bailor
Consignor
9. One who ships goods by common carrier.
Consignee
Common Stock
Consignor
Cashier's Check
10. One who takes initial steps to form corporation.
Common Stock
Real Property
Bill of Lading
Promoter
11. An expression of willingness to enter a contractual agreement.
Trial Courts
Blank Endorsement
Offer
Draft
12. Pretrial steps taken to learn the details of the case.
Assignor
Discovery
Implied Warranties
Certificate of Deposit
13. Person who pretends to be a partner or permits others to represent him or her as a partner.
Endorsement
Nominal Partner
General Agent
Donee Beneficiary
14. Laws which seek to promote competition among businesses.
Executed Contracts
Answer
General Partner
Antitrust
15. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Bailor
Blank Endorsement
Promoter
Breach of Contract
16. 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.
Fraud
Statutes
Qualified Endorsement
Negotiation
17. 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
Formal Contract
Negligence
Minor
Statutes
18. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Blank Endorsement
Domestic corporation
Implied Contract
19. A corporation formed to carry out government functions.
Negotiable Instrument (Commercial Paper)
Bill of Sale
Statute of Limitations
Public Corporation
20. 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
Cashier's Check
Special Endorsement
Blank Endorsement
21. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Accord and Satisfaction
Bailor
Process (Summons)
Express Warranty
22. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Real Property
Agent
Assignment
Stockholders (Shareholders)
23. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Certificate of Deposit
Corporation
Nominal Damages
24. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Property
Implied Warranties
Rescission
25. The party to whom the assignment is made.
Assignee
Ratification
Statute of Frauds
Offer
26. The contract existing between the consignor (shipper) and the carrier.
Void Contract
Bill of Lading
Stockholders (Shareholders)
Real Property
27. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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28. A contract remedy by which the court requires the breaching party to perform the contract.
Limited Partner
Special Performance
Principal
Liquidated Damages
29. 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.
Sole proprietorship
General Agent
Existing Goods
Plaintiff
30. One to whom goods are shipped by common carrier.
Statute of Frauds
Consignee
Agent
Bearer Paper
31. The person against whom legal action is brought. 1
Bailment
Defendant
Corporation
Employer
32. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Drawer
Donee Beneficiary
Compensatory Damages
Uniform Commercial Code
33. Land and those objects permanently attached to land. Rejection refusal to accept.
Novation
Real Property
Offer
Minor
34. An individual actively and openly engaged in the business and held out to everyone as a partner.
Domestic corporation
Sole proprietorship
Merchant
General Partner
35. One that is incorporated in a foreign country.
Payee
Rescission
Alien corporation
Property
36. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Promissory Note
Payee
Unilateral Contract
Silent Partner
37. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Consideration
Assignor
Negotiable Instrument (Commercial Paper)
Statute of Limitations
38. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Compensatory Damages
Stockholders (Shareholders)
Trial Courts
Malpractice
39. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.
Merchant
Sole proprietorship
Express Warranty
Commercial Paper (Negotiable Instrument)
40. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Implied Warranties
General Agent
Stare Decisis
41. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Property
Implied Warranties
Discovery
Promissory Estoppel
42. 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
Formal Contract
Promoter
Offeree
Booking
43. The change of one of the parties to a contract at the mutual agreement of the original parties.
Capital Stock
Novation
Duress
Simple Contract
44. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Offer
Agent
Antitrust
45. Declared value of outstanding stock.
Punitive Damages
Capital Stock
Compensatory Damages
Future Goods
46. Courts that conduct the original trial and render their decision.
Liquidated Damages
Bailee
Treasury Stock
Trial Courts
47. A check drawn on a bank's own funds and signed by a responsible bank official.
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48. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Liquidated Damages
Simple Contract
Counteroffer
49. 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.
Employee
Bailor
Special Performance
Public Corporation
50. The contracting of services rather than goods.
Service Contracts
Board of Directors
Accord and Satisfaction
Fraud