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. A business owned by one person.






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






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






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






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






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






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






12. Movable tangible personal property.






13. 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.






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






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






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






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






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






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






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






21. One who takes initial steps to form corporation.






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






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






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






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






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






27. Official document detailing a defendant's defense.






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






29. 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.






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






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






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






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






35. Laws which are enacted by legislative bodies.






36. 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.






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






38. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






39. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






41. The party who initiates - or makes - an offer.






42. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






44. 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.






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






46. To take into police custody.






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






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






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






50. The contracting of services rather than goods.