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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. The person who executes a promissory note.
Agent
Maker
Bailment
Capital Stock
2. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Drawer
Contract to Sell
Implied Contract
Employee
3. An individual actively and openly engaged in the business and held out to everyone as a partner.
Acceptance
Drawee
Cashier's Check
General Partner
4. One in possession of commercial paper.
Acceptance
Summons (Process)
Promissory Estoppel
Holder
5. A corporation formed to carry out government functions.
Offeree
Negotiation
Public Corporation
Private Corporation
6. 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.
Employer
Negotiable Instrument (Commercial Paper)
Qualified Endorsement
Common Stock
7. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Endorsement
Restrictive Endorsement
Warranties
Voidable Contract
8. The act of transferring ownership of a negotiable instrument to another party.
Beneficiary
Negotiation
Contractual Capability
Antitrust
9. Charging a person with a crime and asking for that person's plea.
Discharge
Liquidated Damages
Arraignment
Existing Goods
10. Those goods which are - at the time of the contract - in existence and owned by the seller.
Existing Goods
Valid Contract
Misrepresentation
Implied Contract
11. To take into police custody.
Qualified Endorsement
Close (closed - closely held) corporation
Arrest
Offer
12. Court hearing cases appealed from lower courts.
Appellate Court
Goods
Intangible Personal Property
Real Property
13. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Statutes
Duress
Limited Liability Corporation
14. 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 Limitations
Nominal Damages
Statute of Frauds
Ordinances
15. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Order Paper
Offer
Voidable Contract
Authority
16. An agreement between two or more competent persons which is enforceable by law.
Contract
Private Corporation
Defendant
Merchant
17. The change of one of the parties to a contract at the mutual agreement of the original parties.
Novation
Restrictive Endorsement
Assignment
Special Agent
18. Stock that entitles owner vote.
Common Law
Common Stock
Consignor
Negligence
19. 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.
Negligence
Fiduciary
Endorsement
Check
20. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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21. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Agent
Statute of Frauds
Secret Partner
Disaffirmance
22. Power to act for someone else.
Express Authority
Authority
Fraud
Necessaries (Necessities)
23. A commercial paper payable to bearer; i.e. to the person having possession of such.
Bearer Paper
Stare Decisis
Authority
Undue Influence
24. Stock with an assigned face vale.
Misdemeanor
Endorser
Special Endorsement
Par-value Stock
25. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Silent Partner
Endorser
Minor
Blank Endorsement
26. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Discovery
Injunction
Common Law
27. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.
Duress
Limited Liability Corporation
Board of Directors
Liquidated Damages
28. 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
Judgment
Appellate Court
Merchant
Independent Contractor
29. 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.
Offeree
Summons (Process)
Merchant
Consignor
30. A law that restricts the period of time within which an action may be brought to court.
Unilateral Contract
Statute of Limitations
Injunction
Counteroffer
31. The repudiation of - or election to avoid - a voidable contract.
Fiduciary
Appellate Court
Alien corporation
Disaffirmance
32. Those contracts in which the terms have not been completely executed or fulfilled.
Contractual Capability
Limited Partner
Order Paper
Executory Contracts
33. One who ships goods by common carrier.
Close (closed - closely held) corporation
Service Contracts
Consignor
Offeror
34. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Tort
Donee Beneficiary
Capital Stock
Void Contract
35. 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.
Corporation
Par-value Stock
Creditor Beneficiary
Criminal Law
36. Person not party to a contract - but whom parties intended to benefit.
Third Party Beneficiary
Intangible Personal Property
Answer
Creditor Beneficiary
37. The party to whom the assignment is made.
Assignee
Order Paper
Consignor
Capital Stock
38. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Intangible Personal Property
Public Corporation
Board of Directors
39. Partner unknown to public with no part in management.
Punitive Damages
Dormant or sleeping partner
Employer
Offeree
40. One who takes initial steps to form corporation.
Promoter
Novation
Sale
Uniform Commercial Code
41. 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.
Booking
Malpractice
Assignment
Existing Goods
42. The goods specified by the buyer and seller.
Malpractice
Close (closed - closely held) corporation
Identified Goods
Warranties
43. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Shareholders (Stockholders)
Restrictive Endorsement
Cashier's Check
44. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Acceptance
Liquidated Damages
Unenforceable Contract
Contract
45. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Creditor Beneficiary
Defendant
Close (closed - closely held) corporation
46. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Acceptance
Agent
Restrictive Endorsement
Beneficiary
47. Official document detailing a defendant's defense.
Assignee
Answer
Agent
Undue Influence
48. That which the promisor demands and receives as the price for a promise.
Consideration
Limited Liability Corporation
Business Law
Assignment
49. A criminal offense which is neither treason nor a felony.
Minor
Negotiable Instrument (Commercial Paper)
Ratification
Misdemeanor
50. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Partnership
Bill of Sale
Implied Contract
Express Warranty