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. 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






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






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






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






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






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






7. 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






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






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






10. A warranty imposed by law - arising automatically because the sale has been made.






11. Laws which are enacted by legislative bodies.






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






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






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






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






16. The person who executes any draft.






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






18. 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.






19. All property which is not real property.






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






21. The party making the assignment.






22. Stock with an assigned face vale.






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






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






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






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






27. 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.






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






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






30. Power to act for someone else.






31. A written request initiating a civil suit.






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






33. The person to whom an offer is made.






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






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






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






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






38. 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


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






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






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






43. Laws which seek to promote competition among businesses.






44. Official document detailing a defendant's defense.






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






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






47. A decision of a court.






48. Canceling - annulling - avoiding.






49. Stock that entitles owner vote.






50. To take into police custody.