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 agreement of no legal effect.






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






3. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






4. 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.






5. Stating an untrue fact.






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






7. Laws which seek to promote competition among businesses.






8. 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.






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






10. The party to whom any negotiable instrument is made payable.






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






12. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






13. A decision of a court.






14. 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.






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






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






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






18. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






21. A written request initiating a civil suit.






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






23. The individual who initiates a civil action.






24. The person who executes a promissory note.






25. Power to act for someone else.






26. Operates in the state that granted the charter.






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






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






29. The goods specified by the buyer and seller.






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






31. One to whom goods are shipped by common carrier.






32. The contract existing between the consignor (shipper) and the carrier.






33. 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).






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






35. 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.






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






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






38. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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






41. The person against whom legal action is brought. 1






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






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






44. To take into police custody.






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






46. 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






47. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






50. Anything that may be owned.