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. Stock that entitles owner vote.






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






3. A warranty imposed by law - arising automatically because the sale has been made.






4. The person to whom an offer is made.






5. 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).






6. A corporation formed to carry out government functions.






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






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






9. A law that restricts the period of time within which an action may be brought to court.






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






11. The contracting of services rather than goods.






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






13. One in possession of commercial paper.






14. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






15. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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






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






19. A criminal offense that is punishable by confinement in prison or by death.






20. A commercial paper payable to bearer; i.e. to the person having possession of such.






21. An agreement between two or more competent persons which is enforceable by law.






22. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






23. The act of transferring ownership of a negotiable instrument to another party.






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






25. An individual actively and openly engaged in the business and held out to everyone as a partner.






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






27. One who takes initial steps to form corporation.






28. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






29. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






31. The individual who initiates a civil action.






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






33. That which the promisor demands and receives as the price for a promise.






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






35. Stock with an assigned face vale.






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






37. Stating an untrue fact.






38. Power to act for someone else.






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






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






41. 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






42. Laws enacted by local municipalities.






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






44. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






45. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






47. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






49. A business owned by one person.






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