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. 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.






2. The person to whom an offer is made.






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






4. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






5. Confirming an act that was executed without authority or an act which was voidable.






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






7. Power to act for someone else.






8. An agreement of no legal effect.






9. One authorized by the principal to execute specific acts.






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






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






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






13. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






18. Those contracts that must be in special form or produced in a certain way - such as under seal.






19. A corporation formed by individuals to form some non-governmental function.






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






21. 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.






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






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






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






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






26. One that is incorporated in a foreign country.






27. An offense which is injurious to society as a whole.






28. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






29. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






30. 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.






31. The person who executes any draft.






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






33. 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.






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






35. The party making the assignment.






36. Official document detailing a defendant's defense.






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






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






39. A law that restricts the period of time within which an action may be brought to court.






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






41. The annulment or cancellation of an instrument - act or promise by one doing or making it.






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






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






44. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






45. A negotiable instrument containing a promise to pay.






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






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






48. Stock that entitles owner vote.






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






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