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Test your basic knowledge |
Business Law Vocab
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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.
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. Stock reacquired by a corporation.
Draft
Assignment
Treasury Stock
Employer
2. A criminal offense that is punishable by confinement in prison or by death.
Creditor Beneficiary
Felony
Sale
Fiduciary
3. An agreement to an offer resulting in a contract.
Arrest
Express Contract
Acceptance
Liquidated Damages
4. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.
Partnership
Secret Partner
Contractual Capability
Promissory Estoppel
5. Partner whose liability for the firm's debts is limited to the amount of his/her investment.
Ordinances
Limited Partner
Bailment
Restrictive Endorsement
6. A party who appoints a second party to serve as an agent.
Bailor
Trial Courts
Principal
Liquidated Damages
7. The change of one of the parties to a contract at the mutual agreement of the original parties.
Express Contract
Assignor
Drawer
Novation
8. The transfer of possession but not the title of personal property by one party to another - under agreement.
Bailment
Appellate Court
Plaintiff
Foreign Corporation
9. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.
Disaffirmance
Beneficiary
Future Goods
Implied Warranties
10. An endorsement which designates the particular person to whom payment is to be made.
Assignment
Special Endorsement
Foreign Corporation
Tort
11. A law that restricts the period of time within which an action may be brought to court.
Breach of Contract
Necessaries (Necessities)
Domestic corporation
Statute of Limitations
12. A decision of a court.
Alien corporation
Judgment
Nominal Partner
Blank Endorsement
13. One in possession of commercial paper.
Holder
Shareholders (Stockholders)
Arrest
Criminal Law
14. 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
Compensatory Damages
Booking
Stare Decisis
Executory Contracts
15. Laws which are enacted by legislative bodies.
Statutes
Silent Partner
Consignor
Felony
16. 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).
Negotiable Instrument (Commercial Paper)
Close (closed - closely held) corporation
Special Performance
Formal Contract
17. A judicial order or decree forbidding the performance of a certain act.
Express Authority
Statute of Frauds
Injunction
Principal
18. An agreement between two or more competent persons which is enforceable by law.
Complaint (petition)
Contract
Draft
Voidable Contract
19. Partner unknown to public with no part in management.
Bailee
Bearer Paper
Service Contracts
Dormant or sleeping partner
20. 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.
Novation
Process (Summons)
Stare Decisis
Nominal Damages
21. Laws which seek to promote competition among businesses.
Sale
Law (Blackstone's Definition)
Antitrust
Acceptance
22. Those goods which are not in existence at the time a contract is agreed to.
Identified Goods
Valid Contract
Tort
Future Goods
23. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.
Arraignment
Warranties
Assignee
Voidable Contract
24. To take into police custody.
Arrest
Appellate Court
Implied Contract
Public Corporation
25. Canceling - annulling - avoiding.
Common Law
Rescission
Creditor Beneficiary
Consideration
26. Customs that have become recognized by the courts as binding on the community.
Offer
Common Law
Par-value Stock
Silent Partner
27. A written request initiating a civil suit.
Complaint (petition)
Novation
Promissory Note
Price
28. One to whom goods are shipped by common carrier.
Treasury Stock
Sherman Antitrust Act
Consignee
Complaint (petition)
29. 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
Special Endorsement
Minor
Negligence
Price
30. The person who executes any draft.
Service Contracts
Qualified Endorsement
Drawer
Intangible Personal Property
31. A commercial paper payable to bearer; i.e. to the person having possession of such.
Negligence
Real Property
Drawer
Bearer Paper
32. A corporation formed by individuals to form some non-governmental function.
Contract to Sell
Maker
Private Corporation
Liquidated Damages
33. Stating an untrue fact.
Order Paper
Donee Beneficiary
Answer
Misrepresentation
34. The annulment or cancellation of an instrument - act or promise by one doing or making it.
Express Contract
Revocation
Board of Directors
Voidable Contract
35. A relationship of trust and confidence - such as that which exists between partners in a partnership.
Criminal Law
Fiduciary
Bailor
Plaintiff
36. A business owned by one person.
Sole proprietorship
Silent Partner
Certified Check
Necessaries (Necessities)
37. A contract which will be enforced by the court.
Authority
Silent Partner
Valid Contract
Par-value Stock
38. Movable tangible personal property.
Goods
Judgment
Process (Summons)
Common Stock
39. One who takes initial steps to form corporation.
Principal
Promoter
Fraud
Revocation
40. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.
Crime
Draft
Rescission
Discharge
41. Designation that applies when a corporation operates in any state other __ than where it is chartered.
Foreign Corporation
Acceptance
Consignee
Unenforceable Contract
42. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.
Express Warranty
Donee Beneficiary
Consignee
Offer
43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.
Ordinances
Process (Summons)
Existing Goods
Nominal Damages
44. Courts that conduct the original trial and render their decision.
Contract
Appellate Court
Trial Courts
General Agent
45. 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
Assignor
Special Agent
Independent Contractor
46. A corporation formed to carry out government functions.
Public Corporation
Negligence
Express Contract
Creditor Beneficiary
47. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.
Arraignment
Minor
Nominal Damages
Creditor Beneficiary
48. One who ships goods by common carrier.
Contractual Capability
Crime
Consignor
Contract to Sell
49. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.
Service Contracts
Stockholders (Shareholders)
Price
Discharge
50. Power to act for someone else.
Authority
Donee Beneficiary
Principal
Uniform Commercial Code
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