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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. The contracting of services rather than goods.






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






3. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






5. One in possession of commercial paper.






6. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






8. An agreement to an offer resulting in a contract.






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






10. A corporation formed to carry out government functions.






11. 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.






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






14. All property which is not real property.






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. The party to whom any negotiable instrument is made payable.






17. A written request initiating a civil suit.






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






19. Court hearing cases appealed from lower courts.






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






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






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






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






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






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






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






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






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






29. Anything that may be owned.






30. The person who executes a promissory note.






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






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






33. A person in possession of an instrument.






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






35. 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.






36. One that is incorporated in a foreign country.






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






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






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






40. One who takes initial steps to form corporation.






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






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






43. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






44. That consideration stipulated by contract - generally expressed in money or money's worth.






45. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






47. The person to whom an offer is made.






48. A business owned by one person.






49. The individual who initiates a civil action.






50. Canceling - annulling - avoiding.







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Can you answer 50 questions in 15 minutes?


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