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 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.






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






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






4. Stating an untrue fact.






5. Laws which are enacted by legislative bodies.






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






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






8. 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.






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






10. An expression of willingness to enter a contractual agreement.






11. The person who executes a promissory note.






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






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






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






15. The individual who initiates a civil action.






16. One who ships goods by common carrier.






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






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






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






20. 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






21. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






22. Those contracts that must be in special form or produced in a certain way - such as under seal.






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






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






25. An endorsement which limits the liability of the endorser.






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






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






28. Movable tangible personal property.






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






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






31. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






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






35. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






37. A written request initiating a civil suit.






38. Declared value of outstanding stock.






39. A party who appoints a second party to serve as an agent.






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






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






42. 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.






43. A relationship of trust and confidence - such as that which exists between partners in a partnership.






44. Those goods which are not in existence at the time a contract is agreed to.






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






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






47. 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.






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






49. 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






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