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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 means whereby one party conveys rights to another person who is not a party to the original contract.
Booking
Treasury Stock
Assignment
Fiduciary
2. The party making the assignment.
Contract
Negotiable Instrument (Commercial Paper)
Bailor
Assignor
3. A document of conveyance that provides written evidence of one's title to tangible personal property.
Bearer
Bill of Sale
Breach of Contract
Public Corporation
4. 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
Treasury Stock
Compensatory Damages
Unenforceable Contract
5. Power to act for someone else.
Breach of Contract
Process (Summons)
Authority
Consideration
6. The party who initiates - or makes - an offer.
Offeror
Assignee
Contract to Sell
Independent Contractor
7. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Property
Corporation
Implied Authority
Negotiable Instrument (Commercial Paper)
8. The repudiation of - or election to avoid - a voidable contract.
Blank Endorsement
Property
Express Authority
Disaffirmance
9. Person not party to a contract - but whom parties intended to benefit.
Disaffirmance
Payee
Special Agent
Third Party Beneficiary
10. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Draft
Personal Property
Foreign Corporation
Process (Summons)
11. Confirming an act that was executed without authority or an act which was voidable.
Ratification
Implied Authority
Public Corporation
Express Warranty
12. 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
Independent Contractor
Certified Check
Fraud
Sale
13. 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
Fiduciary
Complaint (petition)
Booking
Nominal Partner
14. Charging a person with a crime and asking for that person's plea.
Dormant or sleeping partner
Arraignment
Unilateral Contract
Formal Contract
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.
Employee
Close (closed - closely held) corporation
Voidable Contract
Existing Goods
16. A check drawn on a bank's own funds and signed by a responsible bank official.
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17. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Ratification
Shareholders (Stockholders)
Unilateral Contract
Simple Contract
18. The person to whom an offer is made.
Offeree
Process (Summons)
Bearer
Undue Influence
19. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Sherman Antitrust Act
Express Warranty
Close (closed - closely held) corporation
Business Law
20. Land and those objects permanently attached to land. Rejection refusal to accept.
Arraignment
Express Contract
Malpractice
Real Property
21. One authorized by the principal to execute specific acts.
Sherman Antitrust Act
Special Agent
Implied Warranties
Blank Endorsement
22. One who takes initial steps to form corporation.
Common Law
Express Contract
Malpractice
Promoter
23. Stock with an assigned face vale.
Par-value Stock
Third Party Beneficiary
Consideration
Rescission
24. The party who acquires possession but not the title of personal property in a bailment.
Uniform Commercial Code
Special Endorsement
Bailee
General Partner
25. The contracting of services rather than goods.
Fiduciary
Principal
Service Contracts
Bill of Sale
26. Laws enacted by local municipalities.
Authority
Price
Partnership
Ordinances
27. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Consignor
Assignor
Special Performance
Minor
28. One in which terms of the contract are implied by acts or conduct of the '_ parties.
Express Warranty
Implied Contract
Rescission
Qualified Endorsement
29. All property which is not real property.
General Agent
Implied Warranties
Personal Property
Answer
30. Partner active in a business unknown to the public.
Secret Partner
Cashier's Check
Common Law
Blank Endorsement
31. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Contract to Sell
Felony
Summons (Process)
Voidable Contract
32. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.
Accord and Satisfaction
Drawer
Limited Liability Corporation
Special Agent
33. Stock giving special advantage as to payment of dividends - upon liquidation or both.
Statutes
Antitrust
Assignee
Preferred Stock
34. An agreement of no legal effect.
Void Contract
Consideration
Silent Partner
Undue Influence
35. Stating an untrue fact.
Misrepresentation
Liquidated Damages
Dormant or sleeping partner
Third Party Beneficiary
36. Court hearing cases appealed from lower courts.
Appellate Court
Private Corporation
Certified Check
Offeror
37. Person who pretends to be a partner or permits others to represent him or her as a partner.
Nominal Partner
Statutes
Close (closed - closely held) corporation
Identified Goods
38. One that is incorporated in a foreign country.
Order Paper
Alien corporation
Secret Partner
Contractual Capability
39. 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.
Third Party Beneficiary
Goods
Service Contracts
Draft
40. Those goods which are not in existence at the time a contract is agreed to.
Executed Contracts
Crime
Fiduciary
Future Goods
41. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Disaffirmance
Accord and Satisfaction
Special Endorsement
Holder
42. An agreement to an offer resulting in a contract.
Employee
Blank Endorsement
Disaffirmance
Acceptance
43. The person - company - or financial institution ordered to pay a draft.
Misrepresentation
Drawee
Tort
Promissory Note
44. Declared value of outstanding stock.
Business Law
Employee
Capital Stock
Personal Property
45. Any contract other than a formal contract - whether written - oral or implied.
Simple Contract
Subchapter S Corporation
Limited Partner
Negotiable Instrument (Commercial Paper)
46. 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
Silent Partner
General Partner
Public Corporation
47. An individual who takes no active part in the management of a business but has capital invested in the business.
Silent Partner
Bill of Sale
Common Law
Petition (Complaint)
48. A corporation formed to carry out government functions.
Rescission
Public Corporation
Complaint (petition)
Service Contracts
49. Anything that may be owned.
Nominal Damages
Preferred Stock
Property
Punitive Damages
50. One to whom goods are shipped by common carrier.
Partnership
Consignee
Duress
Assignee