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






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






3. Stock that entitles owner vote.






4. A check drawn on a bank's own funds and signed by a responsible bank official.

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


5. 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.






6. A criminal offense that is punishable by confinement in prison or by death.






7. Exceeding the maximum rate of interest which may be charged on loans.






8. The party to whom the assignment is made.






9. An agreement between two or more competent persons which is enforceable by law.






10. A decision of a court.






11. The party making the assignment.






12. 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.






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






14. 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






15. 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).






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






17. One in which terms of the contract are implied by acts or conduct of the '_ parties.






18. Declared value of outstanding stock.






19. Canceling - annulling - avoiding.






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






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






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






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






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






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






26. Stock with an assigned face vale.






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






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






29. Laws which are enacted by legislative bodies.






30. 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.






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






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






33. 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.






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






35. Official document detailing a defendant's defense.






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






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






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






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






40. The change of one of the parties to a contract at the mutual agreement of the original parties.






41. A negotiable instrument containing a promise to pay.






42. 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






43. Laws which seek to promote competition among businesses.






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






45. A business owned by one person.






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






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






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






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






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