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. The individual who initiates a civil action.






2. Laws which are enacted by legislative bodies.






3. The party to whom the assignment is made.






4. One who takes initial steps to form corporation.






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






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






7. 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.






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






9. The signature or statement of purpose by the owner on the back of the instrument.






10. 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






11. An endorsement which designates the particular person to whom payment is to be made.






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






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






14. The party making the assignment.






15. 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.






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






17. One to whom goods are shipped by common carrier.






18. 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


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






20. Customs that have become recognized by the courts as binding on the community.






21. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






24. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






25. The person against whom legal action is brought. 1






26. 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.






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






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






29. Laws which seek to promote competition among businesses.






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






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






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






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






34. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






36. Stock reacquired by a corporation.






37. A negotiable instrument containing a promise to pay.






38. 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.






39. 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.






40. The party who acquires possession but not the title of personal property in a bailment.






41. A means whereby one party conveys rights to another person who is not a party to the original contract.






42. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






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






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






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






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






48. The contract existing between the consignor (shipper) and the carrier.






49. A decision of a court.






50. Stock with an assigned face vale.