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 criminal offense which is neither treason nor a felony.






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






3. Any contract other than a formal contract - whether written - oral or implied.






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






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






6. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






8. 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.






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






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. 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.






12. The annulment or cancellation of an instrument - act or promise by one doing or making it.






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






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






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






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






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






18. A person in possession of an instrument.






19. Laws enacted by local municipalities.






20. 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


21. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






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






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






24. 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.






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






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






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






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






29. The contracting of services rather than goods.






30. 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.






31. A business owned by one person.






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






33. 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






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






35. 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.






36. Operates in the state that granted the charter.






37. One in possession of commercial paper.






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






39. To take into police custody.






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






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






42. The goods specified by the buyer and seller.






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






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






45. Stock with an assigned face vale.






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






47. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






48. Movable tangible personal property.






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests