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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.
Liquidated Damages
Bailment
Felony
Drawee
2. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Acceptance
Check
Sale
Contract
3. Laws which seek to promote competition among businesses.
Criminal Law
Antitrust
Stare Decisis
Stockholders (Shareholders)
4. A party who appoints a second party to serve as an agent.
Alien corporation
Commercial Paper (Negotiable Instrument)
Creditor Beneficiary
Principal
5. A judicial order or decree forbidding the performance of a certain act.
Existing Goods
Injunction
Merchant
Endorser
6. A warranty imposed by law - arising automatically because the sale has been made.
Express Contract
Implied Warranties
Payee
Subchapter S Corporation
7. An award paid to the injured party to cover the exact amount of their loss - but no more.
Future Goods
Ratification
Service Contracts
Compensatory Damages
8. The party who gives up possession - but not title - of property in a bailment.
Bailor
Service Contracts
Bearer Paper
Antitrust
9. 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.
Rescission
Contract
Nominal Damages
Commercial Paper (Negotiable Instrument)
10. An agreement of no legal effect.
Ordinances
Void Contract
Simple Contract
Donee Beneficiary
11. The person to whom an offer is made.
Offeree
Capital Stock
Unenforceable Contract
Alien corporation
12. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Felony
Shareholders (Stockholders)
Bill of Lading
Summons (Process)
13. Any contract other than a formal contract - whether written - oral or implied.
Maker
Restrictive Endorsement
Plaintiff
Simple Contract
14. 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.
Check
Summons (Process)
Future Goods
Petition (Complaint)
15. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Shareholders (Stockholders)
Preferred Stock
Breach of Contract
16. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Usurious
Bearer Paper
Rescission
Uniform Commercial Code
17. An offense which is injurious to society as a whole.
Crime
Business Law
Injunction
Blank Endorsement
18. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Stockholders (Shareholders)
Certificate of Deposit
Employer
Assignor
19. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Implied Contract
Unenforceable Contract
Subchapter S Corporation
Service Contracts
20. 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.
Arrest
Sherman Antitrust Act
Silent Partner
Merchant
21. A check for which the bank assures that the drawer has sufficient funds to make payment.
Certified Check
Common Stock
Special Agent
Independent Contractor
22. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Voidable Contract
Holder
Authority
Ratification
23. The party to whom the assignment is made.
Assignee
Independent Contractor
Discharge
Statute of Frauds
24. The contracting of services rather than goods.
Service Contracts
Identified Goods
Shareholders (Stockholders)
Stockholders (Shareholders)
25. 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.
Employer
Check
Discovery
Contract
26. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Minor
Intangible Personal Property
Valid Contract
Maker
27. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.
Express Contract
Voidable Contract
Restrictive Endorsement
Sherman Antitrust Act
28. One to whom goods are shipped by common carrier.
Necessaries (Necessities)
Partnership
Assignment
Consignee
29. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
General Agent
Limited Liability Corporation
Arraignment
Implied Authority
30. A negotiable instrument containing a promise to pay.
Voidable Contract
Promissory Note
Agent
Price
31. Partner active in a business unknown to the public.
Blank Endorsement
Nominal Partner
Secret Partner
Price
32. An agreement to an offer resulting in a contract.
Acceptance
Arrest
Minor
Drawer
33. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Donee Beneficiary
Public Corporation
Endorser
Voidable Contract
34. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Revocation
Special Performance
Breach of Contract
Undue Influence
35. The change of one of the parties to a contract at the mutual agreement of the original parties.
Drawer
Novation
Booking
Negotiable Instrument (Commercial Paper)
36. A criminal offense that is punishable by confinement in prison or by death.
Cashier's Check
Felony
Special Agent
Promissory Note
37. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Revocation
Offer
Sole proprietorship
Employee
38. Official document detailing a defendant's defense.
Consideration
Sherman Antitrust Act
Liquidated Damages
Answer
39. Court hearing cases appealed from lower courts.
Unilateral Contract
Employer
Bill of Sale
Appellate Court
40. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Qualified Endorsement
Offeree
Beneficiary
General Partner
41. A means whereby one party conveys rights to another person who is not a party to the original contract.
Assignment
Plaintiff
Service Contracts
Bailment
42. The necessity that the parties desiring to enter into contracts meet all requirements.
Negligence
Booking
Contractual Capability
Par-value Stock
43. A decision of a court.
Contract to Sell
Judgment
Close (closed - closely held) corporation
Qualified Endorsement
44. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Capital Stock
Alien corporation
Maker
Punitive Damages
45. Laws which are enacted by legislative bodies.
Statutes
Certificate of Deposit
Order Paper
Stare Decisis
46. 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.
Donee Beneficiary
Future Goods
General Agent
Bill of Lading
47. Stock reacquired by a corporation.
Arraignment
Employee
Treasury Stock
Third Party Beneficiary
48. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
General Agent
Executed Contracts
Maker
Punitive Damages
49. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Donee Beneficiary
Fiduciary
Breach of Contract
Intangible Personal Property
50. 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.
Bailor
Offeree
Endorser
Employee