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






2. The change of one of the parties to a contract at the mutual agreement of the original parties.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






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






9. The party to whom the assignment is made.






10. Power to act for someone else.






11. The individual who initiates a civil action.






12. The goods specified by the buyer and seller.






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






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






15. The person to whom an offer is made.






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






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






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






19. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






21. 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.






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






23. To take into police custody.






24. The person who executes a promissory note.






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






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






27. Official document detailing a defendant's defense.






28. The party who initiates - or makes - an offer.






29. 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.






30. 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.






31. Stock that entitles owner vote.






32. Stock reacquired by a corporation.






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






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






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






36. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






39. A written request initiating a civil suit.






40. A person in possession of an instrument.






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






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






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






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






45. Laws which are enacted by legislative bodies.






46. The party who acquires possession but not the title of personal property in a bailment.






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






48. The person who executes any draft.






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






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