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






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






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






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






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






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






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






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






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






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






11. A written request initiating a civil suit.






12. An agreement of no legal effect.






13. 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.






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






15. Designation that applies when a corporation operates in any state other __ than where it is chartered.






16. The goods specified by the buyer and seller.






17. Stating an untrue fact.






18. The contracting of services rather than goods.






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






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






21. A judicial order or decree forbidding the performance of a certain act.






22. All property which is not real property.






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






24. A written request initiating a civil suit.






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






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






27. A person in possession of an instrument.






28. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






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






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






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






33. A business owned by one person.






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






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






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






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






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






39. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






41. An endorsement which designates the particular person to whom payment is to be made.






42. The party making the assignment.






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






44. The party to whom the assignment is made.






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






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






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






48. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






Can you answer 50 questions in 15 minutes?



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