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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 writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.
Identified Goods
Negotiable Instrument (Commercial Paper)
Draft
Statute of Frauds
2. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.
Liquidated Damages
Petition (Complaint)
Assignor
Implied Contract
3. An agreement between two or more competent persons which is enforceable by law.
Restrictive Endorsement
Contract
Implied Contract
Ratification
4. A criminal offense which is neither treason nor a felony.
Revocation
Misdemeanor
Plaintiff
Compensatory Damages
5. Stock that entitles owner vote.
Capital Stock
Statute of Limitations
Corporation
Common Stock
6. Customs that have become recognized by the courts as binding on the community.
Common Law
Discovery
Holder
Authority
7. A corporation formed to carry out government functions.
Sherman Antitrust Act
Acceptance
Commercial Paper (Negotiable Instrument)
Public Corporation
8. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.
Executed Contracts
Answer
Uniform Commercial Code
Compensatory Damages
9. Person who pretends to be a partner or permits others to represent him or her as a partner.
Acceptance
Nominal Partner
Plaintiff
Independent Contractor
10. Those goods which are - at the time of the contract - in existence and owned by the seller.
Special Performance
Existing Goods
Voidable Contract
Par-value Stock
11. A business owned by one person.
Sole proprietorship
Implied Contract
Merchant
Consideration
12. Operates in the state that granted the charter.
Domestic corporation
Contract
Contractual Capability
Disaffirmance
13. The person - company - or financial institution ordered to pay a draft.
Summons (Process)
Drawee
Plaintiff
Statute of Limitations
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.
Certificate of Deposit
Implied Authority
Process (Summons)
Commercial Paper (Negotiable Instrument)
15. An award paid to the injured party to cover the exact amount of their loss - but no more.
Arrest
Compensatory Damages
Tort
Common Law
16. The repudiation of - or election to avoid - a voidable contract.
Negligence
Special Performance
Malpractice
Disaffirmance
17. One to whom goods are shipped by common carrier.
Necessaries (Necessities)
Express Contract
Partnership
Consignee
18. 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
Booking
Unilateral Contract
Business Law
Express Contract
19. Movable tangible personal property.
Board of Directors
Treasury Stock
Alien corporation
Goods
20. A body of persons elected by the stockholders to define and establish corporate policy.
Common Stock
Board of Directors
General Agent
Express Authority
21. 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)
Bill of Sale
Counteroffer
Valid Contract
22. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Drawee
Beneficiary
Promissory Estoppel
Voidable Contract
23. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Bearer
Employer
Subchapter S Corporation
Domestic corporation
24. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Promissory Estoppel
Maker
Punitive Damages
Drawer
25. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Alien corporation
Certified Check
Minor
Revocation
26. Laws which are enacted by legislative bodies.
Statutes
Malpractice
Fraud
Sherman Antitrust Act
27. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w
Felony
Antitrust
Negligence
Offeror
28. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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29. The party making the assignment.
Drawer
Assignor
Endorsement
Alien corporation
30. Any contract other than a formal contract - whether written - oral or implied.
Limited Liability Corporation
Endorsement
Simple Contract
Disaffirmance
31. An offense which is injurious to society as a whole.
Express Warranty
Crime
Real Property
Minor
32. A written request initiating a civil suit.
Disaffirmance
Merchant
Petition (Complaint)
Unilateral Contract
33. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Unilateral Contract
Liquidated Damages
Stare Decisis
Misrepresentation
34. A means whereby one party conveys rights to another person who is not a party to the original contract.
Creditor Beneficiary
Acceptance
Drawer
Assignment
35. 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
Special Endorsement
Contractual Capability
Complaint (petition)
Independent Contractor
36. Partner unknown to public with no part in management.
Fiduciary
Silent Partner
Certificate of Deposit
Dormant or sleeping partner
37. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.
Breach of Contract
Assignee
Service Contracts
Foreign Corporation
38. Charging a person with a crime and asking for that person's plea.
Arraignment
Par-value Stock
Promissory Estoppel
Valid Contract
39. Person who writes his or her name on back of instrument.
Authority
Real Property
Endorser
Sale
40. Laws dealing with crimes and the punishment of wrongdoers.
Breach of Contract
Offeree
Criminal Law
Silent Partner
41. Power to act for someone else.
Fiduciary
Authority
Offeror
Assignment
42. The transfer of title to goods from the seller to the buyer for a consideration called the price.
Domestic corporation
Sale
Minor
Simple Contract
43. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.
Drawee
Contractual Capability
Petition (Complaint)
Counteroffer
44. Official document detailing a defendant's defense.
Discovery
Identified Goods
Sherman Antitrust Act
Answer
45. An agreement which is not in the form required by law.
Offeror
Unenforceable Contract
Revocation
Order Paper
46. Person not party to a contract - but whom parties intended to benefit.
Nominal Partner
Drawee
Third Party Beneficiary
Holder
47. The party who gives up possession - but not title - of property in a bailment.
Arrest
Implied Authority
Bailor
Capital Stock
48. 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.
Antitrust
Contract
Partnership
Check
49. One who ships goods by common carrier.
Unilateral Contract
Limited Liability Corporation
Consignor
Donee Beneficiary
50. A decision of a court.
Judgment
Capital Stock
Nominal Partner
Formal Contract