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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. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Goods
Undue Influence
Bearer Paper
Arrest
2. 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
Law (Blackstone's Definition)
Agent
Independent Contractor
Booking
3. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Service Contracts
Promissory Estoppel
Executory Contracts
Offeree
4. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Bailee
Compensatory Damages
Silent Partner
Preferred Stock
5. An expression of willingness to enter a contractual agreement.
Capital Stock
Offer
Antitrust
Compensatory Damages
6. Canceling - annulling - avoiding.
Commercial Paper (Negotiable Instrument)
Antitrust
Foreign Corporation
Rescission
7. A judicial order or decree forbidding the performance of a certain act.
Blank Endorsement
Injunction
Summons (Process)
Compensatory Damages
8. A person in possession of an instrument.
Bearer
Fiduciary
Promissory Estoppel
Novation
9. Person who writes his or her name on back of instrument.
Promissory Note
Endorser
Existing Goods
Implied Warranties
10. The change of one of the parties to a contract at the mutual agreement of the original parties.
Injunction
Complaint (petition)
Novation
Arraignment
11. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
Antitrust
Maker
General Partner
12. The person - company - or financial institution ordered to pay a draft.
Fraud
Drawee
Bearer Paper
Consignee
13. A contract which will be enforced by the court.
Valid Contract
Foreign Corporation
Statute of Limitations
Unilateral Contract
14. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Petition (Complaint)
Negotiation
Subchapter S Corporation
Draft
15. Confirming an act that was executed without authority or an act which was voidable.
Agent
Ratification
Judgment
Order Paper
16. The person who executes a promissory note.
Principal
Negotiation
Maker
Special Performance
17. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Business Law
Discharge
Goods
18. That consideration stipulated by contract - generally expressed in money or money's worth.
Treasury Stock
Existing Goods
Price
Ratification
19. 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.
Common Stock
Creditor Beneficiary
Implied Warranties
Malpractice
20. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Partnership
Real Property
Compensatory Damages
Unilateral Contract
21. The signature or statement of purpose by the owner on the back of the instrument.
Identified Goods
Limited Partner
Endorsement
Law (Blackstone's Definition)
22. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Punitive Damages
Intangible Personal Property
Secret Partner
Express Warranty
23. Customs that have become recognized by the courts as binding on the community.
Restrictive Endorsement
Malpractice
Common Law
Maker
24. 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
Discharge
Usurious
Executory Contracts
25. An agreement which is not in the form required by law.
Merchant
Unenforceable Contract
General Agent
Express Authority
26. An endorsement which designates the particular person to whom payment is to be made.
Bill of Lading
Special Endorsement
Limited Partner
Bailee
27. One authorized by the principal to execute specific acts.
Special Agent
Booking
Future Goods
Law (Blackstone's Definition)
28. 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
Criminal Law
Beneficiary
Express Warranty
29. Court hearing cases appealed from lower courts.
Formal Contract
Implied Authority
Usurious
Appellate Court
30. An agreement to an offer resulting in a contract.
Void Contract
Acceptance
Bailment
Statutes
31. Those contracts that must be in special form or produced in a certain way - such as under seal.
Real Property
Negotiable Instrument (Commercial Paper)
Endorser
Formal Contract
32. An individual who takes no active part in the management of a business but has capital invested in the business.
Promissory Note
Common Law
Drawer
Silent Partner
33. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Draft
Uniform Commercial Code
Consignor
34. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Dormant or sleeping partner
Creditor Beneficiary
Punitive Damages
Certified Check
35. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Breach of Contract
Endorsement
Unenforceable Contract
Sherman Antitrust Act
36. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Bailor
Express Warranty
Identified Goods
Defendant
37. The person against whom legal action is brought. 1
Unenforceable Contract
Nominal Partner
Defendant
Breach of Contract
38. 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.
Common Law
Employer
Alien corporation
Offeree
39. The authority of an agent - stated in the document or agreement creating the agency.
Limited Liability Corporation
Sole proprietorship
Express Authority
Public Corporation
40. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Contractual Capability
Misdemeanor
Private Corporation
Accord and Satisfaction
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.
Merchant
Fraud
Punitive Damages
Draft
42. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Liquidated Damages
Business Law
Judgment
Holder
43. A business owned by one person.
Donee Beneficiary
Check
Sole proprietorship
Blank Endorsement
44. Land and those objects permanently attached to land. Rejection refusal to accept.
Criminal Law
Real Property
Qualified Endorsement
Contract
45. Stock with an assigned face vale.
Payee
Liquidated Damages
Bearer
Par-value Stock
46. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Void Contract
Injunction
Foreign Corporation
Discovery
47. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.
Creditor Beneficiary
Merchant
Special Endorsement
Necessaries (Necessities)
48. A commercial paper payable to bearer; i.e. to the person having possession of such.
Negotiation
Third Party Beneficiary
Bearer Paper
Assignment
49. Operates in the state that granted the charter.
Negligence
Promoter
Board of Directors
Domestic corporation
50. One that is incorporated in a foreign country.
Alien corporation
Special Endorsement
Arraignment
Bill of Lading