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






2. 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.






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






4. An agreement which is not in the form required by law.






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






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






7. Stock reacquired by a corporation.






8. Court hearing cases appealed from lower courts.






9. 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.






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






11. 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






12. The contracting of services rather than goods.






13. That which the promisor demands and receives as the price for a promise.






14. Laws enacted by local municipalities.






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






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






17. One that is incorporated in a foreign country.






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






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






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






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






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






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






24. The repudiation of - or election to avoid - a voidable contract.






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






26. Pretrial steps taken to learn the details of the case.






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






28. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






31. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






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






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






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






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






37. Laws which seek to promote competition among businesses.






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






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






40. A written request initiating a civil suit.






41. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






43. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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






45. Stock that entitles owner vote.






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






47. An individual who takes no active part in the management of a business but has capital invested in the business.






48. 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.






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






50. To take into police custody.







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests