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






2. Stock reacquired by a corporation.






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






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






5. Power to act for someone else.






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






7. Declared value of outstanding stock.






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






9. Laws which seek to promote competition among businesses.






10. 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.






11. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






12. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






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






14. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






16. The person to whom an offer is made.






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






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






19. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






22. 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






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






24. A check for which the bank assures that the drawer has sufficient funds to make payment.






25. 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.






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






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






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






29. Stock giving special advantage as to payment of dividends - upon liquidation or both.






30. A corporation formed to carry out government functions.






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






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






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






34. Movable tangible personal property.






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






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






37. The contracting of services rather than goods.






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






39. To take into police custody.






40. One in possession of commercial paper.






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






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






43. 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






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






45. All property which is not real property.






46. 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.






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






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






49. Laws enacted by local municipalities.






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