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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.
Formal Contract
Summons (Process)
Assignment
Arraignment
2. 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.
Executed Contracts
Crime
Fiduciary
Draft
3. The necessity that the parties desiring to enter into contracts meet all requirements.
Executed Contracts
Close (closed - closely held) corporation
Contractual Capability
Compensatory Damages
4. The repudiation of - or election to avoid - a voidable contract.
Employee
Law (Blackstone's Definition)
Disaffirmance
Bailor
5. The act of transferring ownership of a negotiable instrument to another party.
Voidable Contract
Negligence
Negotiation
Identified Goods
6. A business owned by one person.
Ordinances
Sole proprietorship
Plaintiff
Implied Warranties
7. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Contract to Sell
Summons (Process)
Unilateral Contract
Offeror
8. The party to whom any negotiable instrument is made payable.
Misdemeanor
Board of Directors
Service Contracts
Payee
9. Laws dealing with crimes and the punishment of wrongdoers.
Merchant
Preferred Stock
Criminal Law
Business Law
10. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Donee Beneficiary
Counteroffer
Simple Contract
Summons (Process)
11. An agent's authority to do things not specifically authorized in order to carry out express authority.
Check
Sale
Implied Authority
Simple Contract
12. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Counteroffer
Undue Influence
Implied Contract
Service Contracts
13. A document of conveyance that provides written evidence of one's title to tangible personal property.
Certificate of Deposit
Offer
Liquidated Damages
Bill of Sale
14. A written request initiating a civil suit.
Petition (Complaint)
Statute of Limitations
Crime
Sale
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.
Alien corporation
Ratification
Employee
Undue Influence
16. Partner active in a business unknown to the public.
Statute of Limitations
Future Goods
Assignment
Secret Partner
17. A decision of a court.
Judgment
Appellate Court
Employer
Certified Check
18. Person who writes his or her name on back of instrument.
Endorser
Common Stock
General Partner
Certified Check
19. The party to whom the assignment is made.
Assignee
Minor
Identified Goods
Criminal Law
20. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.
Punitive Damages
Check
Answer
Breach of Contract
21. A law that restricts the period of time within which an action may be brought to court.
Statute of Limitations
Criminal Law
General Agent
Injunction
22. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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23. To take into police custody.
Arrest
Restrictive Endorsement
Breach of Contract
Holder
24. The contract existing between the consignor (shipper) and the carrier.
Arrest
Bill of Lading
Trial Courts
Bearer Paper
25. Partner unknown to public with no part in management.
Statute of Limitations
Dormant or sleeping partner
Shareholders (Stockholders)
General Agent
26. Courts that conduct the original trial and render their decision.
Plaintiff
Arrest
Trial Courts
Consideration
27. Person not party to a contract - but whom parties intended to benefit.
Consideration
Third Party Beneficiary
Malpractice
Certificate of Deposit
28. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Crime
Warranties
Minor
Shareholders (Stockholders)
29. 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.
Process (Summons)
Bill of Lading
Alien corporation
Limited Partner
30. Pretrial steps taken to learn the details of the case.
Discovery
Limited Partner
Nominal Damages
Counteroffer
31. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Goods
Endorser
Stockholders (Shareholders)
Discovery
32. Laws enacted by local municipalities.
Plaintiff
Shareholders (Stockholders)
Ordinances
Service Contracts
33. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Business Law
Real Property
Bill of Lading
Intangible Personal Property
34. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Sale
Express Warranty
Holder
Stare Decisis
35. The person against whom legal action is brought. 1
Defendant
Assignee
Corporation
Minor
36. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and Satisfaction
Agent
Law (Blackstone's Definition)
Limited Liability Corporation
37. A negotiable instrument containing a promise to pay.
Answer
Limited Liability Corporation
Promissory Note
Executory Contracts
38. The transfer of possession but not the title of personal property by one party to another - under agreement.
Undue Influence
Bailment
Warranties
Assignor
39. A commercial paper payable to bearer; i.e. to the person having possession of such.
Order Paper
Bearer Paper
Nominal Partner
Judgment
40. An endorsement which designates the particular person to whom payment is to be made.
Principal
Special Endorsement
Authority
Consideration
41. 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.
Offeree
Criminal Law
Cashier's Check
Check
42. One authorized by the principal to execute specific acts.
Ratification
Acceptance
Misrepresentation
Special Agent
43. The person to whom an offer is made.
Existing Goods
Offeree
Promissory Estoppel
Liquidated Damages
44. A contract which will be enforced by the court.
Offer
Valid Contract
Assignor
Ratification
45. Canceling - annulling - avoiding.
Arraignment
Acceptance
Rescission
Common Law
46. A party who appoints a second party to serve as an agent.
Malpractice
Subchapter S Corporation
Principal
Maker
47. That which the promisor demands and receives as the price for a promise.
Partnership
Special Performance
Consideration
Necessaries (Necessities)
48. Those goods which are not in existence at the time a contract is agreed to.
Restrictive Endorsement
Future Goods
Novation
Criminal Law
49. An agreement between two or more competent persons which is enforceable by law.
Punitive Damages
Rescission
Contract
Accord and Satisfaction
50. 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.
General Agent
Qualified Endorsement
Booking
Third Party Beneficiary