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. Laws enacted by local municipalities.
Compensatory Damages
Intangible Personal Property
Duress
Ordinances
2. A negotiable instrument containing a promise to pay.
Express Warranty
Express Authority
Promissory Note
Drawee
3. The contract existing between the consignor (shipper) and the carrier.
Antitrust
Misdemeanor
Bill of Lading
Endorsement
4. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Complaint (petition)
Dormant or sleeping partner
Executed Contracts
Voidable Contract
5. 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.
Check
Bailee
Order Paper
Real Property
6. A written request initiating a civil suit.
Petition (Complaint)
Tort
Intangible Personal Property
Authority
7. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Law (Blackstone's Definition)
Counteroffer
Special Endorsement
Contract to Sell
8. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Implied Contract
Discharge
Malpractice
Employer
9. Having no words other than the signature of the endorser.
Blank Endorsement
Capital Stock
Private Corporation
Bill of Lading
10. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Unilateral Contract
Express Warranty
Undue Influence
11. Stock reacquired by a corporation.
Special Agent
Check
Treasury Stock
Ordinances
12. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Public Corporation
Assignee
Discharge
Accord and Satisfaction
13. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Service Contracts
Holder
Employee
Shareholders (Stockholders)
14. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Compensatory Damages
Nominal Damages
Revocation
Negligence
15. 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.
Executed Contracts
Employee
Promissory Estoppel
Agent
16. Those contracts that must be in special form or produced in a certain way - such as under seal.
Statute of Frauds
Fraud
Formal Contract
Rescission
17. The contracting of services rather than goods.
Capital Stock
Promoter
Service Contracts
Special Endorsement
18. 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.
Payee
Foreign Corporation
Commercial Paper (Negotiable Instrument)
Private Corporation
19. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Valid Contract
Tort
Breach of Contract
Booking
20. 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.
Express Warranty
Statute of Frauds
Commercial Paper (Negotiable Instrument)
Common Stock
21. Courts that conduct the original trial and render their decision.
Trial Courts
Contract to Sell
Limited Liability Corporation
Undue Influence
22. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.
Unilateral Contract
Secret Partner
Stare Decisis
Treasury Stock
23. Those goods which are not in existence at the time a contract is agreed to.
Plaintiff
Counteroffer
Future Goods
Statute of Frauds
24. A corporation formed by individuals to form some non-governmental function.
Silent Partner
Private Corporation
Cashier's Check
Bill of Lading
25. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Subchapter S Corporation
Unilateral Contract
Tort
Acceptance
26. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Arrest
Limited Liability Corporation
Express Authority
Implied Authority
27. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Promissory Note
Special Performance
Sherman Antitrust Act
Express Authority
28. The person - company - or financial institution ordered to pay a draft.
Independent Contractor
Nominal Partner
Drawee
Limited Liability Corporation
29. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Special Performance
Private Corporation
Nominal Damages
30. 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
Ratification
Negotiable Instrument (Commercial Paper)
Booking
Judgment
31. An endorsement which prevents the use of the instrument for anything except the stated use.
Usurious
Negligence
Limited Partner
Restrictive Endorsement
32. Land and those objects permanently attached to land. Rejection refusal to accept.
Express Warranty
Real Property
Criminal Law
Restrictive Endorsement
33. 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.
Special Performance
Endorsement
Business Law
Employer
34. 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
Process (Summons)
Offeror
Third Party Beneficiary
35. A contract remedy by which the court requires the breaching party to perform the contract.
Capital Stock
Counteroffer
Third Party Beneficiary
Special Performance
36. The repudiation of - or election to avoid - a voidable contract.
Property
Discharge
Acceptance
Disaffirmance
37. A criminal offense which is neither treason nor a felony.
Employee
Misdemeanor
Limited Partner
Goods
38. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Domestic corporation
Necessaries (Necessities)
Express Contract
Donee Beneficiary
39. A written request initiating a civil suit.
Complaint (petition)
Check
Limited Liability Corporation
Authority
40. An award paid to the injured party to cover the exact amount of their loss - but no more.
Negligence
Sale
Summons (Process)
Compensatory Damages
41. That consideration stipulated by contract - generally expressed in money or money's worth.
Negotiable Instrument (Commercial Paper)
Discharge
Price
Maker
42. One in possession of commercial paper.
Holder
Appellate Court
Rescission
Foreign Corporation
43. The party making the assignment.
Board of Directors
Fraud
Contractual Capability
Assignor
44. A business owned by one person.
Sole proprietorship
Qualified Endorsement
Preferred Stock
Identified Goods
45. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Consideration
Special Performance
Independent Contractor
Subchapter S Corporation
46. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Beneficiary
Contract
Answer
Check
47. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Booking
Negotiable Instrument (Commercial Paper)
Shareholders (Stockholders)
Qualified Endorsement
48. An endorsement which designates the particular person to whom payment is to be made.
Common Stock
Secret Partner
Third Party Beneficiary
Special Endorsement
49. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Independent Contractor
Service Contracts
Foreign Corporation
Donee Beneficiary
50. The party to whom the assignment is made.
Plaintiff
Injunction
Assignee
Bearer Paper