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 with an assigned face vale.






2. Laws enacted by local municipalities.






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






4. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






6. Official document detailing a defendant's defense.






7. A written request initiating a civil suit.






8. 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






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






10. 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.






11. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






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






14. Anything that may be owned.






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






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






17. 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.






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






19. The party making the assignment.






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






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






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






23. Laws which are enacted by legislative bodies.






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






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






26. 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


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






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






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






30. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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






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






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






35. 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.






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






37. Power to act for someone else.






38. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






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






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






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






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






44. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






45. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






46. 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.






47. The individual who initiates a civil action.






48. An agreement of no legal effect.






49. Court hearing cases appealed from lower courts.






50. Those goods which are - at the time of the contract - in existence and owned by the seller.