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. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






3. 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






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






6. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






8. Anything that may be owned.






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






10. Power to act for someone else.






11. The person to whom an offer is made.






12. 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.






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






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






15. 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






16. A person in possession of an instrument.






17. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






18. 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.






19. 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.






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






21. The act of transferring ownership of a negotiable instrument to another party.






22. The person against whom legal action is brought. 1






23. 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.






24. Stating an untrue fact.






25. One who takes initial steps to form corporation.






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






27. A decision of a court.






28. Stock reacquired by a corporation.






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






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






31. The goods specified by the buyer and seller.






32. 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.






33. 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.






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






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






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






37. Laws which are enacted by legislative bodies.






38. The party to whom the assignment is made.






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






40. Operates in the state that granted the charter.






41. A negotiable instrument containing a promise to pay.






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






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






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






45. One in possession of commercial paper.






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






47. Laws dealing with crimes and the punishment of wrongdoers.






48. The person who executes a promissory note.






49. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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