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. Partner active in a business unknown to the public.






2. Pretrial steps taken to learn the details of the case.






3. Designation that applies when a corporation operates in any state other __ than where it is chartered.






4. 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






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






6. Declared value of outstanding stock.






7. 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.






8. A decision of a court.






9. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






10. 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.






11. Those contracts in which the terms have not been completely executed or fulfilled.






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






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






14. Person not party to a contract - but whom parties intended to benefit.






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






16. Stating an untrue fact.






17. Person who pretends to be a partner or permits others to represent him or her as a partner.






18. Land and those objects permanently attached to land. Rejection refusal to accept.






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






20. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






21. Those goods which are - at the time of the contract - in existence and owned by the seller.






22. To take into police custody.






23. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






24. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






26. 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.






27. Official document detailing a defendant's defense.






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






29. An agreement which is not in the form required by law.






30. 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.






31. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






32. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






33. A contract remedy by which the court requires the breaching party to perform the contract.






34. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






35. One authorized by the principal to execute specific acts.






36. An individual who takes no active part in the management of a business but has capital invested in the business.






37. An offense which is injurious to society as a whole.






38. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






39. Canceling - annulling - avoiding.






40. The transfer of possession but not the title of personal property by one party to another - under agreement.






41. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






42. Person who writes his or her name on back of instrument.






43. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






44. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.






45. A judicial order or decree forbidding the performance of a certain act.






46. A body of persons elected by the stockholders to define and establish corporate policy.






47. The party to whom the assignment is made.






48. The party who initiates - or makes - an offer.






49. One who takes initial steps to form corporation.






50. The party who gives up possession - but not title - of property in a bailment.







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests