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. 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






2. A corporation formed to carry out government functions.






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






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






5. A means whereby one party conveys rights to another person who is not a party to the original contract.






6. Laws enacted by local municipalities.






7. The goods specified by the buyer and seller.






8. The necessity that the parties desiring to enter into contracts meet all requirements.






9. A business owned by one person.






10. The individual who initiates a civil action.






11. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






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






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






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






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






17. 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.






18. Partner unknown to public with no part in management.






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






20. 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.






21. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






22. The party to whom the assignment is made.






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






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






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






26. 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.






27. One that is incorporated in a foreign country.






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






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






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






31. The person to whom an offer is made.






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






33. One in possession of commercial paper.






34. 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






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






36. 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).






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






38. Power to act for someone else.






39. An agreement of no legal effect.






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






41. Those contracts in which the terms have not been completely executed or fulfilled.






42. A person in possession of an instrument.






43. 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.






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






45. 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






46. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






47. Stock with an assigned face vale.






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






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






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