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. Stock with an assigned face vale.






2. The party to whom the assignment is made.






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






4. One that is incorporated in a foreign country.






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






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






7. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






8. A decision of a court.






9. Anything that may be owned.






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






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






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






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






14. Laws enacted by local municipalities.






15. Stock reacquired by a corporation.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






19. 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.






20. The party making the assignment.






21. A written request initiating a civil suit.






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






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






24. 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.






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






26. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






27. The signature or statement of purpose by the owner on the back of the instrument.






28. A business owned by one person.






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






30. The party who acquires possession but not the title of personal property in a bailment.






31. 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.






32. Official document detailing a defendant's defense.






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






34. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






35. 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.






36. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






37. Stock that entitles owner vote.






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






39. One who ships goods by common carrier.






40. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






41. 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.






42. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






44. 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


45. 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.






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






47. 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.






48. Power to act for someone else.






49. The person who executes any draft.






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