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






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






3. An agent's authority to do things not specifically authorized in order to carry out express authority.






4. The contracting of services rather than goods.






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






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






7. 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).






8. An endorsement which prevents the use of the instrument for anything except the stated use.






9. One that is incorporated in a foreign country.






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






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






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






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






14. 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






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






16. Partner unknown to public with no part in management.






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






18. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






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






22. 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.






23. Stock with an assigned face vale.






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






25. One in possession of commercial paper.






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






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






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






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






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






31. Confirming an act that was executed without authority or an act which was voidable.






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






33. To take into police custody.






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






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






36. 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


37. Canceling - annulling - avoiding.






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






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






40. 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


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






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






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






44. The individual who initiates a civil action.






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






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






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






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






49. A criminal offense which is neither treason nor a felony.






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