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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Treasury Stock
Discharge
Bill of Lading
2. Person who pretends to be a partner or permits others to represent him or her as a partner.
Necessaries (Necessities)
Nominal Partner
Sale
Contractual Capability
3. Laws which are enacted by legislative bodies.
Drawee
Statutes
Petition (Complaint)
Private Corporation
4. A contract remedy by which the court requires the breaching party to perform the contract.
Antitrust
Partnership
Endorser
Special Performance
5. All property which is not real property.
Personal Property
Undue Influence
Voidable Contract
Assignee
6. Person who writes his or her name on back of instrument.
Consignee
Negotiation
Agent
Endorser
7. A business owned by one person.
Corporation
Drawee
Goods
Sole proprietorship
8. A criminal offense that is punishable by confinement in prison or by death.
Public Corporation
Business Law
Common Stock
Felony
9. A check drawn on a bank's own funds and signed by a responsible bank official.
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10. An agreement to an offer resulting in a contract.
Negotiable Instrument (Commercial Paper)
Promissory Estoppel
Offeror
Acceptance
11. An endorsement which limits the liability of the endorser.
Implied Warranties
Qualified Endorsement
Drawer
Implied Authority
12. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Minor
Negotiation
Blank Endorsement
13. The goods specified by the buyer and seller.
Identified Goods
Bailor
Contractual Capability
Sale
14. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Undue Influence
Identified Goods
Consignor
Silent Partner
15. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Arraignment
Certificate of Deposit
Accord and Satisfaction
Criminal Law
16. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Implied Contract
Restrictive Endorsement
Executed Contracts
17. A party who appoints a second party to serve as an agent.
Implied Authority
Counteroffer
Bearer
Principal
18. One who ships goods by common carrier.
Defendant
Consignor
Endorser
Third Party Beneficiary
19. The person who executes any draft.
Discovery
Drawee
Drawer
Answer
20. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Discovery
Contract to Sell
Promissory Estoppel
Draft
21. 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.
Defendant
Creditor Beneficiary
Express Warranty
Judgment
22. 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.
Sherman Antitrust Act
Bailor
Drawer
Malpractice
23. 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
Intangible Personal Property
Booking
Independent Contractor
Dormant or sleeping partner
24. An offense which is injurious to society as a whole.
Certificate of Deposit
Crime
Drawer
Misrepresentation
25. The person against whom legal action is brought. 1
Principal
Commercial Paper (Negotiable Instrument)
Sherman Antitrust Act
Defendant
26. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Void Contract
Statute of Limitations
Commercial Paper (Negotiable Instrument)
Sale
27. One authorized by the principal to execute specific acts.
Special Agent
Tort
Undue Influence
Endorsement
28. Official document detailing a defendant's defense.
Defendant
Contract to Sell
Answer
Sale
29. A written request initiating a civil suit.
Acceptance
Implied Authority
Express Warranty
Petition (Complaint)
30. A means whereby one party conveys rights to another person who is not a party to the original contract.
Draft
Valid Contract
Certificate of Deposit
Assignment
31. Exceeding the maximum rate of interest which may be charged on loans.
Usurious
Promissory Estoppel
Negligence
Discharge
32. That consideration stipulated by contract - generally expressed in money or money's worth.
Treasury Stock
Shareholders (Stockholders)
Price
Arraignment
33. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Statutes
Limited Liability Corporation
Limited Partner
Special Endorsement
34. An agreement which is not in the form required by law.
Merchant
Stockholders (Shareholders)
Summons (Process)
Unenforceable Contract
35. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Agent
Express Contract
Ratification
Minor
36. Partner unknown to public with no part in management.
Assignor
Dormant or sleeping partner
General Partner
Silent Partner
37. A contract which will be enforced by the court.
Simple Contract
Valid Contract
Offeror
Holder
38. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Revocation
Arraignment
Necessaries (Necessities)
Implied Warranties
39. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Shareholders (Stockholders)
Agent
Contract
Bailee
40. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Duress
Sole proprietorship
Statutes
Negotiable Instrument (Commercial Paper)
41. 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.
Merchant
Judgment
Void Contract
Rescission
42. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Petition (Complaint)
Minor
Shareholders (Stockholders)
Fraud
43. 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).
Offeree
Identified Goods
Limited Liability Corporation
Close (closed - closely held) corporation
44. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Preferred Stock
Bearer Paper
Defendant
Negotiation
45. A decision of a court.
Judgment
Common Law
Punitive Damages
Statutes
46. The party to whom any negotiable instrument is made payable.
Independent Contractor
Rescission
Payee
Treasury Stock
47. Laws dealing with crimes and the punishment of wrongdoers.
Defendant
Misdemeanor
Assignment
Criminal Law
48. One in possession of commercial paper.
Certified Check
Holder
Secret Partner
Stare Decisis
49. The person to whom an offer is made.
Offeree
Commercial Paper (Negotiable Instrument)
Express Contract
Par-value Stock
50. Those goods which are not in existence at the time a contract is agreed to.
Liquidated Damages
Necessaries (Necessities)
Service Contracts
Future Goods
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