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. Declared value of outstanding stock.
Preferred Stock
Capital Stock
Consignor
Acceptance
2. A party who appoints a second party to serve as an agent.
Rescission
Necessaries (Necessities)
Principal
Statutes
3. Laws enacted by local municipalities.
Ordinances
Compensatory Damages
Creditor Beneficiary
Statute of Frauds
4. A body of persons elected by the stockholders to define and establish corporate policy.
Partnership
Board of Directors
Employer
Undue Influence
5. 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.
Creditor Beneficiary
Partnership
Nominal Damages
Negligence
6. The person who executes a promissory note.
Restrictive Endorsement
Maker
Summons (Process)
Unilateral Contract
7. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.
Summons (Process)
Foreign Corporation
Endorsement
Contract to Sell
8. Those goods which are - at the time of the contract - in existence and owned by the seller.
Drawee
Domestic corporation
Existing Goods
Endorser
9. A corporation formed by individuals to form some non-governmental function.
Promissory Note
Express Authority
Disaffirmance
Private Corporation
10. Having no words other than the signature of the endorser.
Certified Check
Booking
Endorser
Blank Endorsement
11. The transfer of possession but not the title of personal property by one party to another - under agreement.
Price
Antitrust
Bailment
Preferred Stock
12. The authority of an agent - stated in the document or agreement creating the agency.
Express Authority
Criminal Law
Intangible Personal Property
Discharge
13. A contract remedy by which the court requires the breaching party to perform the contract.
Special Performance
Implied Contract
Maker
Beneficiary
14. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Shareholders (Stockholders)
Offeror
Agent
Future Goods
15. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Negotiation
Common Stock
Service Contracts
16. The repudiation of - or election to avoid - a voidable contract.
Blank Endorsement
Disaffirmance
Malpractice
General Partner
17. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.
Judgment
Corporation
Ratification
Consignee
18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Valid Contract
Promissory Note
Punitive Damages
Necessaries (Necessities)
19. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Assignee
Law (Blackstone's Definition)
Sale
Preferred Stock
20. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Future Goods
Capital Stock
Felony
Sale
21. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Drawee
Business Law
Criminal Law
Accord and Satisfaction
22. A document of conveyance that provides written evidence of one's title to tangible personal property.
Donee Beneficiary
Bill of Sale
Appellate Court
Shareholders (Stockholders)
23. The change of one of the parties to a contract at the mutual agreement of the original parties.
Disaffirmance
Commercial Paper (Negotiable Instrument)
Assignee
Novation
24. The person to whom an offer is made.
Complaint (petition)
Valid Contract
Merchant
Offeree
25. 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.
Contractual Capability
Liquidated Damages
Partnership
Implied Contract
26. Canceling - annulling - avoiding.
Consignor
Public Corporation
Rescission
Domestic corporation
27. The party making the assignment.
Unilateral Contract
Express Warranty
Discovery
Assignor
28. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Limited Liability Corporation
Order Paper
Rescission
Subchapter S Corporation
29. Land and those objects permanently attached to land. Rejection refusal to accept.
Bailment
Statute of Frauds
Real Property
Injunction
30. 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.
Agent
Promissory Note
Merchant
Special Endorsement
31. A warranty imposed by law - arising automatically because the sale has been made.
Void Contract
Implied Warranties
Future Goods
Price
32. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Drawee
Tort
Nominal Partner
Discharge
33. Anything that may be owned.
Summons (Process)
Property
Acceptance
Bill of Sale
34. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Executed Contracts
Formal Contract
Express Warranty
35. The necessity that the parties desiring to enter into contracts meet all requirements.
Valid Contract
General Partner
Contractual Capability
Process (Summons)
36. Confirming an act that was executed without authority or an act which was voidable.
Novation
Uniform Commercial Code
Ratification
Par-value Stock
37. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Simple Contract
Nominal Damages
Voidable Contract
Executed Contracts
38. One that is incorporated in a foreign country.
Promissory Note
Alien corporation
Usurious
Voidable Contract
39. An endorsement which prevents the use of the instrument for anything except the stated use.
Fiduciary
Restrictive Endorsement
Nominal Partner
Holder
40. Charging a person with a crime and asking for that person's plea.
Statute of Frauds
Identified Goods
Arraignment
Special Endorsement
41. Partner active in a business unknown to the public.
Cashier's Check
Secret Partner
Payee
General Partner
42. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Third Party Beneficiary
Nominal Damages
Undue Influence
Secret Partner
43. 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
44. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Public Corporation
Valid Contract
Process (Summons)
Voidable Contract
45. To take into police custody.
Valid Contract
Arrest
Negotiable Instrument (Commercial Paper)
Goods
46. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Offer
Close (closed - closely held) corporation
Promissory Estoppel
Offeree
47. The individual who initiates a civil action.
Maker
Plaintiff
Offeree
Price
48. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.
General Partner
Statute of Frauds
Process (Summons)
Appellate Court
49. An endorsement which limits the liability of the endorser.
Arraignment
Special Performance
Qualified Endorsement
Dormant or sleeping partner
50. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Corporation
Certificate of Deposit
Offeree
Voidable Contract