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 person who executes a promissory note.






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






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






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






5. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






7. Court hearing cases appealed from lower courts.






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






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






10. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






11. Those goods which are not in existence at the time a contract is agreed to.






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






13. A business owned by one person.






14. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






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






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






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






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






20. 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.






21. A written request initiating a civil suit.






22. A decision of a court.






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






24. Operates in the state that granted the charter.






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






26. The person to whom an offer is made.






27. 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.






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






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






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






31. Person who writes his or her name on back of instrument.






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






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






34. 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.






35. 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.






36. The party to whom the assignment is made.






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






38. An agreement of no legal effect.






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






40. Laws which seek to promote competition among businesses.






41. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






43. 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.






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






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






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






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






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






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






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