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. Movable tangible personal property.
Goods
Answer
Bearer Paper
Close (closed - closely held) corporation
2. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Warranties
Special Performance
Certified Check
Consideration
3. Anything that may be owned.
Bearer
Property
Assignee
Assignment
4. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Par-value Stock
Implied Contract
Certificate of Deposit
Bearer
5. Canceling - annulling - avoiding.
Plaintiff
Rescission
Valid Contract
Consideration
6. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
7. Partner active in a business unknown to the public.
Voidable Contract
Secret Partner
Future Goods
Consignor
8. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Assignee
Punitive Damages
Draft
Sale
9. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Goods
Foreign Corporation
Counteroffer
Limited Liability Corporation
10. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Injunction
Treasury Stock
Corporation
11. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Certificate of Deposit
Restrictive Endorsement
Accord and Satisfaction
Stare Decisis
12. Charging a person with a crime and asking for that person's plea.
Compensatory Damages
Breach of Contract
Formal Contract
Arraignment
13. Courts that conduct the original trial and render their decision.
Offeree
Negligence
Unilateral Contract
Trial Courts
14. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Negotiation
Public Corporation
Revocation
Trial Courts
15. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Draft
Agent
Express Warranty
Punitive Damages
16. Stock with an assigned face vale.
Promoter
Trial Courts
Par-value Stock
Goods
17. The change of one of the parties to a contract at the mutual agreement of the original parties.
Bill of Sale
Novation
Bearer Paper
Consideration
18. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Express Contract
Existing Goods
Beneficiary
Felony
19. 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
Corporation
Business Law
Dormant or sleeping partner
20. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Statute of Limitations
Nominal Damages
Summons (Process)
Shareholders (Stockholders)
21. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Stockholders (Shareholders)
Sole proprietorship
Law (Blackstone's Definition)
22. A corporation formed to carry out government functions.
Undue Influence
Consignee
Special Agent
Public Corporation
23. Exceeding the maximum rate of interest which may be charged on loans.
Complaint (petition)
Usurious
Qualified Endorsement
Trial Courts
24. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Secret Partner
Certified Check
Limited Liability Corporation
25. The contracting of services rather than goods.
Sherman Antitrust Act
Service Contracts
Close (closed - closely held) corporation
Ratification
26. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Tort
Close (closed - closely held) corporation
Valid Contract
Bill of Lading
27. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Discovery
Fiduciary
Endorsement
28. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Board of Directors
Breach of Contract
Booking
29. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Revocation
Bailment
Sole proprietorship
30. An offense which is injurious to society as a whole.
Crime
Void Contract
Petition (Complaint)
Offeree
31. That consideration stipulated by contract - generally expressed in money or money's worth.
Undue Influence
Price
Nominal Damages
Implied Authority
32. Those goods which are not in existence at the time a contract is agreed to.
Bill of Lading
Future Goods
Domestic corporation
Drawee
33. 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.
Warranties
Statute of Limitations
Order Paper
Draft
34. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Complaint (petition)
Voidable Contract
Consideration
Price
35. One that is incorporated in a foreign country.
Minor
Common Stock
Implied Warranties
Alien corporation
36. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Misdemeanor
Bearer Paper
Order Paper
Assignor
37. A commercial paper payable to bearer; i.e. to the person having possession of such.
Merchant
Bearer Paper
Trial Courts
Public Corporation
38. 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.
Nominal Damages
Undue Influence
Maker
Employee
39. Court hearing cases appealed from lower courts.
Appellate Court
Compensatory Damages
Contract
Negotiable Instrument (Commercial Paper)
40. The party making the assignment.
Authority
Stare Decisis
Treasury Stock
Assignor
41. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Bailee
Blank Endorsement
Crime
42. 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
Unenforceable Contract
Payee
Principal
Negligence
43. One to whom goods are shipped by common carrier.
Consignor
Fraud
Felony
Consignee
44. A document of conveyance that provides written evidence of one's title to tangible personal property.
Ratification
Discharge
Nominal Damages
Bill of Sale
45. Pretrial steps taken to learn the details of the case.
Discovery
Petition (Complaint)
Offeree
Close (closed - closely held) corporation
46. Person who writes his or her name on back of instrument.
Endorser
General Partner
Commercial Paper (Negotiable Instrument)
Voidable Contract
47. Any contract other than a formal contract - whether written - oral or implied.
Foreign Corporation
Special Endorsement
Simple Contract
Compensatory Damages
48. A check drawn on a bank's own funds and signed by a responsible bank official.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
49. Laws dealing with crimes and the punishment of wrongdoers.
Bearer Paper
Criminal Law
Payee
Alien corporation
50. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Domestic corporation
Endorser
Offeror
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