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. The contract existing between the consignor (shipper) and the carrier.






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






3. A warranty imposed by law - arising automatically because the sale has been made.






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






5. The person who executes a promissory note.






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






7. 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.






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






9. A corporation formed by individuals to form some non-governmental function.






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






11. The contracting of services rather than goods.






12. Stating an untrue fact.






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






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






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






16. 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.






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






18. All property which is not real property.






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






20. A corporation formed to carry out government functions.






21. A written request initiating a civil suit.






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






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






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






25. The party making the assignment.






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






27. Operates in the state that granted the charter.






28. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






30. A business owned by one person.






31. 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.






32. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






33. Laws which seek to promote competition among businesses.






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






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






36. 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.






37. The authority of an agent - stated in the document or agreement creating the agency.






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






39. One in possession of commercial paper.






40. To take into police custody.






41. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






42. A check for which the bank assures that the drawer has sufficient funds to make payment.






43. The goods specified by the buyer and seller.






44. Official document detailing a defendant's defense.






45. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






48. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






50. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the