Test your basic knowledge |

Business Law Vocab

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 situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






2. Charging a person with a crime and asking for that person's plea.






3. Stock with an assigned face vale.






4. An agreement to an offer resulting in a contract.






5. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






6. 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






7. A written request initiating a civil suit.






8. 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.






9. That consideration stipulated by contract - generally expressed in money or money's worth.






10. Operates in the state that granted the charter.






11. Any contract other than a formal contract - whether written - oral or implied.






12. Movable tangible personal property.






13. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






14. 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.






15. One in which terms of the contract are implied by acts or conduct of the '_ parties.






16. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






17. A check for which the bank assures that the drawer has sufficient funds to make payment.






18. The party to whom any negotiable instrument is made payable.






19. A decision of a court.






20. The authority of an agent - stated in the document or agreement creating the agency.






21. A contract which will be enforced by the court.






22. A corporation formed by individuals to form some non-governmental function.






23. 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.






24. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






25. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






26. 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.






27. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






28. Partner active in a business unknown to the public.






29. Having no words other than the signature of the endorser.






30. The necessity that the parties desiring to enter into contracts meet all requirements.






31. 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






32. Stock reacquired by a corporation.






33. The contracting of services rather than goods.






34. The repudiation of - or election to avoid - a voidable contract.






35. Stating an untrue fact.






36. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






37. A check drawn on a bank's own funds and signed by a responsible bank official.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


38. The transfer of title to goods from the seller to the buyer for a consideration called the price.






39. 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).






40. Declared value of outstanding stock.






41. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






42. The person - company - or financial institution ordered to pay a draft.






43. Courts that conduct the original trial and render their decision.






44. To take into police custody.






45. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


46. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






47. An award paid to the injured party to cover the exact amount of their loss - but no more.






48. Exceeding the maximum rate of interest which may be charged on loans.






49. A document of conveyance that provides written evidence of one's title to tangible personal property.






50. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.