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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 party appointed by the principal to enter into a contract with a third party on behalf of the principal.
Consignor
Agent
Voidable Contract
Employer
2. The individual who initiates a civil action.
Draft
Plaintiff
Implied Warranties
Undue Influence
3. Land and those objects permanently attached to land. Rejection refusal to accept.
Property
Real Property
Breach of Contract
Promissory Estoppel
4. A body of persons elected by the stockholders to define and establish corporate policy.
Board of Directors
Nominal Damages
Holder
Common Stock
5. Official document detailing a defendant's defense.
Answer
Partnership
Bill of Sale
Warranties
6. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Property
Future Goods
Common Stock
7. 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
Maker
Negligence
Capital Stock
Drawer
8. 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.
Contract to Sell
Commercial Paper (Negotiable Instrument)
Liquidated Damages
Statutes
9. An individual who takes no active part in the management of a business but has capital invested in the business.
Consignee
Assignee
Alien corporation
Silent Partner
10. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Discovery
Injunction
Blank Endorsement
11. 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.
Consideration
Alien corporation
Arraignment
Check
12. A criminal offense that is punishable by confinement in prison or by death.
Warranties
Felony
Bearer Paper
Authority
13. A check drawn on a bank's own funds and signed by a responsible bank official.
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14. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Holder
Limited Liability Corporation
General Partner
Crime
15. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Express Warranty
Void Contract
Accord and Satisfaction
Restrictive Endorsement
16. A written request initiating a civil suit.
Appellate Court
Complaint (petition)
Certified Check
Offeree
17. The signature or statement of purpose by the owner on the back of the instrument.
Contract
Injunction
Endorsement
Consignee
18. 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.
Minor
Creditor Beneficiary
Promissory Estoppel
Subchapter S Corporation
19. The person to whom an offer is made.
Offeree
Private Corporation
Booking
Unilateral Contract
20. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Booking
Express Contract
Blank Endorsement
Revocation
21. A corporation formed to carry out government functions.
Public Corporation
Promoter
Liquidated Damages
Usurious
22. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Contractual Capability
Bailment
Drawee
Nominal Damages
23. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Sole proprietorship
Counteroffer
Fiduciary
Implied Contract
24. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Formal Contract
Fiduciary
Process (Summons)
Sole proprietorship
25. 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.
Criminal Law
Order Paper
Merchant
Process (Summons)
26. 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
Summons (Process)
Independent Contractor
Certificate of Deposit
Foreign Corporation
27. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Offer
Unenforceable Contract
Voidable Contract
Public Corporation
28. The party who initiates - or makes - an offer.
Implied Warranties
Offeror
Process (Summons)
Order Paper
29. A check for which the bank assures that the drawer has sufficient funds to make payment.
Cashier's Check
Certified Check
Limited Partner
Process (Summons)
30. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Disaffirmance
Formal Contract
Revocation
Business Law
31. The contracting of services rather than goods.
Capital Stock
Appellate Court
Service Contracts
Beneficiary
32. The contract existing between the consignor (shipper) and the carrier.
Bailor
Statute of Limitations
Bill of Lading
Process (Summons)
33. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Misrepresentation
Duress
Punitive Damages
34. A corporation formed by individuals to form some non-governmental function.
Voidable Contract
Private Corporation
Identified Goods
Restrictive Endorsement
35. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Implied Warranties
Statutes
Necessaries (Necessities)
Breach of Contract
36. Person not party to a contract - but whom parties intended to benefit.
Minor
Malpractice
Third Party Beneficiary
Consignee
37. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Endorsement
Special Agent
Punitive Damages
38. The person - company - or financial institution ordered to pay a draft.
Private Corporation
Endorsement
Arraignment
Drawee
39. All property which is not real property.
Rescission
Personal Property
Bailor
Dormant or sleeping partner
40. The party who acquires possession but not the title of personal property in a bailment.
Injunction
Bill of Lading
Real Property
Bailee
41. Those contracts that must be in special form or produced in a certain way - such as under seal.
Void Contract
Misrepresentation
Formal Contract
Criminal Law
42. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.
Undue Influence
Future Goods
Order Paper
Tort
43. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Foreign Corporation
Endorser
Certificate of Deposit
Nominal Damages
44. 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
Implied Contract
Necessaries (Necessities)
Personal Property
Booking
45. 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.
Ratification
Statute of Frauds
Capital Stock
Booking
46. Those contracts in which the terms have not been completely executed or fulfilled.
Executed Contracts
Executory Contracts
Endorser
Common Law
47. The person who executes any draft.
Drawer
Certified Check
Statute of Limitations
Order Paper
48. Charging a person with a crime and asking for that person's plea.
Employer
Consignee
Common Stock
Arraignment
49. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.
Secret Partner
Special Performance
Negligence
General Agent
50. 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.
Partnership
Payee
Tort
Donee Beneficiary