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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 - company - or financial institution ordered to pay a draft.
Law (Blackstone's Definition)
Cashier's Check
Promissory Estoppel
Drawee
2. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Personal Property
Contract
Criminal Law
Sale
3. An agreement to an offer resulting in a contract.
Acceptance
Formal Contract
Petition (Complaint)
Common Law
4. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Alien corporation
Limited Partner
Statute of Frauds
5. One to whom goods are shipped by common carrier.
Stockholders (Shareholders)
Consignee
Draft
Principal
6. The repudiation of - or election to avoid - a voidable contract.
Third Party Beneficiary
Silent Partner
Discovery
Disaffirmance
7. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Law (Blackstone's Definition)
Offeror
Maker
8. A criminal offense that is punishable by confinement in prison or by death.
Breach of Contract
Special Endorsement
Felony
Existing Goods
9. The person to whom an offer is made.
Compensatory Damages
Offeree
Liquidated Damages
Injunction
10. Official document detailing a defendant's defense.
Payee
Voidable Contract
Answer
Sole proprietorship
11. 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.
Third Party Beneficiary
Warranties
Duress
Punitive Damages
12. A party who appoints a second party to serve as an agent.
Void Contract
Punitive Damages
Stockholders (Shareholders)
Principal
13. 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.
Negligence
Creditor Beneficiary
Employee
Bailee
14. 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.
Sherman Antitrust Act
Implied Contract
Partnership
Price
15. A business owned by one person.
Consignor
Fiduciary
Corporation
Sole proprietorship
16. Exceeding the maximum rate of interest which may be charged on loans.
Principal
Injunction
Process (Summons)
Usurious
17. A decision of a court.
Malpractice
Judgment
Executed Contracts
Service Contracts
18. A commercial paper payable to bearer; i.e. to the person having possession of such.
Injunction
Bailee
Bearer Paper
Misrepresentation
19. An agreement which is not in the form required by law.
Unenforceable Contract
Ordinances
Common Stock
Complaint (petition)
20. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Duress
Injunction
Undue Influence
Foreign Corporation
21. A negotiable instrument containing a promise to pay.
General Agent
Defendant
Promissory Note
Implied Warranties
22. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Common Law
Negotiation
Express Contract
23. Partner unknown to public with no part in management.
Bill of Sale
Secret Partner
Dormant or sleeping partner
Arraignment
24. 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
Payee
Alien corporation
Merchant
Booking
25. The authority of an agent - stated in the document or agreement creating the agency.
Stockholders (Shareholders)
Arraignment
Common Stock
Express Authority
26. A person in possession of an instrument.
Injunction
Bearer
Endorsement
Statute of Limitations
27. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Undue Influence
Executed Contracts
Arraignment
28. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Holder
Restrictive Endorsement
Beneficiary
Bearer
29. Courts that conduct the original trial and render their decision.
Trial Courts
Contract
Discharge
Contractual Capability
30. 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
Close (closed - closely held) corporation
Employee
Qualified Endorsement
31. Laws which are enacted by legislative bodies.
Preferred Stock
Limited Partner
Statutes
Express Warranty
32. An offense which is injurious to society as a whole.
Novation
Common Law
Crime
Malpractice
33. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Discharge
Summons (Process)
Punitive Damages
Blank Endorsement
34. An agent's authority to do things not specifically authorized in order to carry out express authority.
Bill of Lading
Service Contracts
Injunction
Implied Authority
35. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Liquidated Damages
Promoter
Limited Liability Corporation
Arraignment
36. A corporation formed to carry out government functions.
Merchant
Public Corporation
Petition (Complaint)
Cashier's Check
37. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Express Contract
Maker
Order Paper
Stockholders (Shareholders)
38. 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
Criminal Law
Assignor
Offeree
39. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Limited Partner
Criminal Law
Intangible Personal Property
Domestic corporation
40. 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.
Malpractice
Certified Check
Employer
Board of Directors
41. All property which is not real property.
Implied Warranties
Malpractice
Personal Property
Restrictive Endorsement
42. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Authority
Assignment
Uniform Commercial Code
Limited Liability Corporation
43. A written request initiating a civil suit.
Limited Partner
Ratification
Petition (Complaint)
Booking
44. The act of transferring ownership of a negotiable instrument to another party.
Punitive Damages
Negotiation
Promissory Estoppel
Crime
45. An endorsement which designates the particular person to whom payment is to be made.
Bearer
Nominal Partner
Usurious
Special Endorsement
46. A contract which will be enforced by the court.
Restrictive Endorsement
Valid Contract
Warranties
Board of Directors
47. A criminal offense which is neither treason nor a felony.
Unenforceable Contract
Misdemeanor
Private Corporation
Ordinances
48. 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
Common Stock
Sherman Antitrust Act
Independent Contractor
Statute of Frauds
49. 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.
Commercial Paper (Negotiable Instrument)
Void Contract
Principal
Silent Partner
50. To take into police custody.
Subchapter S Corporation
Restrictive Endorsement
Usurious
Arrest