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 goods specified by the buyer and seller.






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






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






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






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






6. Power to act for someone else.






7. Canceling - annulling - avoiding.






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






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






10. Laws which are enacted by legislative bodies.






11. 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.






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.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






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






16. The party making the assignment.






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






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






19. The contracting of services rather than goods.






20. Court hearing cases appealed from lower courts.






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






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






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






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






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






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






27. A decision of a court.






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






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






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






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






33. Laws which seek to promote competition among businesses.






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






35. 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.






36. 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






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






38. Stock with an assigned face vale.






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






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






41. One who ships goods by common carrier.






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






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






44. A written request initiating a civil suit.






45. 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.






46. Stating an untrue fact.






47. 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).






48. An agreement of no legal effect.






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






50. A person in possession of an instrument.