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 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


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






3. To take into police custody.






4. Laws which are enacted by legislative bodies.






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






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






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






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






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






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






11. The goods specified by the buyer and seller.






12. 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.






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






16. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






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






20. Laws dealing with crimes and the punishment of wrongdoers.






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






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






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






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






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






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






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






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






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






30. 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.






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






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






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






34. Declared value of outstanding stock.






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






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






37. The contracting of services rather than goods.






38. 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






39. 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


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






41. One who takes initial steps to form corporation.






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






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






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






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






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






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






48. 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.






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






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







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