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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 intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.
Fraud
Unenforceable Contract
Uniform Commercial Code
Undue Influence
2. An agreement which is not in the form required by law.
Existing Goods
Usurious
Third Party Beneficiary
Unenforceable Contract
3. Improper influence that is asserted by one dominant person over another - without the threat or harm.
Private Corporation
Injunction
Formal Contract
Undue Influence
4. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.
Express Contract
Uniform Commercial Code
Payee
Simple Contract
5. Land and those objects permanently attached to land. Rejection refusal to accept.
Misdemeanor
Appellate Court
Counteroffer
Real Property
6. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.
Intangible Personal Property
Minor
Accord and Satisfaction
Stockholders (Shareholders)
7. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Employee
Negotiation
Warranties
Future Goods
8. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01
Sale
Foreign Corporation
Unilateral Contract
Trial Courts
9. Pretrial steps taken to learn the details of the case.
Plaintiff
Blank Endorsement
Independent Contractor
Discovery
10. 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.
Beneficiary
Arraignment
General Agent
Stockholders (Shareholders)
11. A means whereby one party conveys rights to another person who is not a party to the original contract.
Arraignment
Assignment
Misrepresentation
Secret Partner
12. The party making the assignment.
Restrictive Endorsement
Property
Assignor
Counteroffer
13. 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.
Bearer
Certified Check
Partnership
Promissory Estoppel
14. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.
Punitive Damages
Employee
Business Law
Employer
15. Exceeding the maximum rate of interest which may be charged on loans.
Capital Stock
Payee
Usurious
Order Paper
16. One authorized by the principal to execute specific acts.
Special Agent
Warranties
Par-value Stock
Discovery
17. Power to act for someone else.
Antitrust
Booking
Authority
Stockholders (Shareholders)
18. An agreement made and executed in satisfaction of the rights one has from a previous contract.
Beneficiary
Accord and Satisfaction
Simple Contract
Subchapter S Corporation
19. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.
Employer
Secret Partner
Creditor Beneficiary
Order Paper
20. Any contract other than a formal contract - whether written - oral or implied.
Fraud
Principal
Simple Contract
Undue Influence
21. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.
Promissory Estoppel
Goods
Statute of Frauds
Counteroffer
22. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).
Necessaries (Necessities)
Contractual Capability
Booking
Void Contract
23. Those rules of civil conduct commanding what is right and prohibiting what is wrong.
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24. An agent's authority to do things not specifically authorized in order to carry out express authority.
Implied Authority
Special Endorsement
Future Goods
Special Performance
25. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.
Injunction
Limited Partner
Subchapter S Corporation
Promissory Estoppel
26. Laws dealing with crimes and the punishment of wrongdoers.
Drawee
Par-value Stock
Criminal Law
Assignee
27. An endorsement which prevents the use of the instrument for anything except the stated use.
Restrictive Endorsement
Breach of Contract
Real Property
Judgment
28. The acknowledgment by a bank of a receipt of money with an agreement of repayment.
Petition (Complaint)
Order Paper
Authority
Certificate of Deposit
29. The person to whom an offer is made.
Promissory Estoppel
Special Endorsement
Offeree
Assignment
30. Confirming an act that was executed without authority or an act which was voidable.
Arrest
Ratification
Special Performance
Endorser
31. Those goods which are not in existence at the time a contract is agreed to.
Restrictive Endorsement
Special Endorsement
Future Goods
Assignment
32. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.
Arraignment
Unilateral Contract
Voidable Contract
Statute of Frauds
33. That consideration stipulated by contract - generally expressed in money or money's worth.
Promoter
Price
Usurious
Offeror
34. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Antitrust
Foreign Corporation
Duress
Implied Authority
35. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.
Intangible Personal Property
Drawer
Employer
Treasury Stock
36. 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
Cashier's Check
Beneficiary
Compensatory Damages
37. Legislation intended to promote competition among businesses by prohibiting restraint of trade.
Bearer Paper
Sherman Antitrust Act
Discovery
Limited Liability Corporation
38. Stock reacquired by a corporation.
Promissory Estoppel
Principal
Restrictive Endorsement
Treasury Stock
39. Having no words other than the signature of the endorser.
Assignment
Certificate of Deposit
Void Contract
Blank Endorsement
40. Charging a person with a crime and asking for that person's plea.
Unilateral Contract
Commercial Paper (Negotiable Instrument)
Defendant
Arraignment
41. The party who gives up possession - but not title - of property in a bailment.
Special Performance
Preferred Stock
Bailor
Personal Property
42. Stating an untrue fact.
Duress
Statutes
Misrepresentation
Bailor
43. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.
Restrictive Endorsement
Payee
Shareholders (Stockholders)
Minor
44. The necessity that the parties desiring to enter into contracts meet all requirements.
Contractual Capability
Bailment
Contract to Sell
Assignee
45. A business owned by one person.
Qualified Endorsement
Sole proprietorship
Ratification
Punitive Damages
46. A party who appoints a second party to serve as an agent.
Principal
Contract
Drawer
Process (Summons)
47. A negotiable instrument containing a promise to pay.
Employee
Domestic corporation
Promissory Note
Commercial Paper (Negotiable Instrument)
48. 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.
Statutes
Partnership
Appellate Court
Check
49. An endorsement which limits the liability of the endorser.
Promoter
Agent
Negligence
Qualified Endorsement
50. One who ships goods by common carrier.
Payee
Consignor
Misrepresentation
Arrest