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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. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Contractual Capability
Formal Contract
Bill of Lading
Liquidated Damages
2. All property which is not real property.
Personal Property
Consignor
Rescission
Nominal Damages
3. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Antitrust
Fraud
Nominal Damages
Foreign Corporation
4. One who ships goods by common carrier.
Express Authority
Consignor
Assignment
Implied Warranties
5. The party to whom the assignment is made.
Assignee
Felony
Price
Employee
6. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Holder
Uniform Commercial Code
Accord and Satisfaction
Capital Stock
7. The person who executes a promissory note.
Formal Contract
Maker
Law (Blackstone's Definition)
Fraud
8. Partner active in a business unknown to the public.
Implied Warranties
Statute of Frauds
Secret Partner
Assignment
9. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Discharge
Check
Disaffirmance
10. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.
Silent Partner
Summons (Process)
Alien corporation
Express Warranty
11. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Employer
Holder
Revocation
Public Corporation
12. Those goods which are not in existence at the time a contract is agreed to.
Future Goods
Bill of Sale
Implied Warranties
Booking
13. An offense which is injurious to society as a whole.
Acceptance
Silent Partner
Crime
Order Paper
14. The signature or statement of purpose by the owner on the back of the instrument.
Drawer
Uniform Commercial Code
Rescission
Endorsement
15. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Ordinances
Qualified Endorsement
Treasury Stock
16. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Fiduciary
General Agent
Restrictive Endorsement
Undue Influence
17. An agreement which is not in the form required by law.
Promissory Note
Simple Contract
Bailor
Unenforceable Contract
18. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Independent Contractor
Close (closed - closely held) corporation
Assignee
Intangible Personal Property
19. A judicial order or decree forbidding the performance of a certain act.
Trial Courts
Certificate of Deposit
Payee
Injunction
20. An individual actively and openly engaged in the business and held out to everyone as a partner.
General Partner
Promoter
Bearer
Trial Courts
21. An endorsement which limits the liability of the endorser.
Misdemeanor
Principal
Qualified Endorsement
Disaffirmance
22. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Statutes
Independent Contractor
Real Property
Limited Liability Corporation
23. A decision of a court.
Unilateral Contract
Drawee
Real Property
Judgment
24. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.
Contract
Misdemeanor
Domestic corporation
Draft
25. 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.
Certificate of Deposit
Commercial Paper (Negotiable Instrument)
Breach of Contract
Fraud
26. Laws enacted by local municipalities.
Ordinances
Drawer
Undue Influence
Blank Endorsement
27. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.
Malpractice
Real Property
Bearer
Special Agent
28. An agreement to an offer resulting in a contract.
Acceptance
Intangible Personal Property
Assignee
Punitive Damages
29. The person against whom legal action is brought. 1
Compensatory Damages
Defendant
Blank Endorsement
Intangible Personal Property
30. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Warranties
Criminal Law
Special Performance
31. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Common Stock
Domestic corporation
Subchapter S Corporation
Beneficiary
32. That consideration stipulated by contract - generally expressed in money or money's worth.
Agent
Petition (Complaint)
Counteroffer
Price
33. Partner unknown to public with no part in management.
Dormant or sleeping partner
Arrest
Usurious
Express Warranty
34. Canceling - annulling - avoiding.
Authority
Rescission
Principal
Cashier's Check
35. Land and those objects permanently attached to land. Rejection refusal to accept.
Subchapter S Corporation
Liquidated Damages
Real Property
General Partner
36. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Sale
Statutes
Authority
Implied Contract
37. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Limited Liability Corporation
Cashier's Check
Shareholders (Stockholders)
Silent Partner
38. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Novation
Sale
Third Party Beneficiary
Ratification
39. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).
Answer
Arrest
Close (closed - closely held) corporation
Disaffirmance
40. An expression of willingness to enter a contractual agreement.
Drawer
Offer
Implied Warranties
Defendant
41. 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.
Negotiation
General Agent
Contract to Sell
Merchant
42. The party to whom any negotiable instrument is made payable.
Existing Goods
Payee
Tort
Executed Contracts
43. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.
Contract to Sell
Warranties
Unilateral Contract
Maker
44. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Assignee
Personal Property
Goods
Voidable Contract
45. An award paid to the injured party to cover the exact amount of their loss - but no more.
Compensatory Damages
Void Contract
Unenforceable Contract
Blank Endorsement
46. A written request initiating a civil suit.
Petition (Complaint)
Subchapter S Corporation
Simple Contract
Board of Directors
47. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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48. The person to whom an offer is made.
Ratification
Express Warranty
Offeree
Liquidated Damages
49. A warranty imposed by law - arising automatically because the sale has been made.
Novation
Implied Warranties
Real Property
Revocation
50. The authority of an agent - stated in the document or agreement creating the agency.
Novation
Corporation
Express Authority
Counteroffer