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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. Any contract other than a formal contract - whether written - oral or implied.






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






3. Laws which are enacted by legislative bodies.






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






5. All property which is not real property.






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






7. A business owned by one person.






8. A criminal offense that is punishable by confinement in prison or by death.






9. A check drawn on a bank's own funds and signed by a responsible bank official.

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






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






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






13. The goods specified by the buyer and seller.






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






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






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






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






18. One who ships goods by common carrier.






19. The person who executes any draft.






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






21. 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.






22. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






23. 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






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






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






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






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






28. Official document detailing a defendant's defense.






29. A written request initiating a civil suit.






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






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






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






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






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






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






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






37. A contract which will be enforced by the court.






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






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






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






41. 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.






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






43. 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).






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






45. A decision of a court.






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






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






48. One in possession of commercial paper.






49. The person to whom an offer is made.






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






Can you answer 50 questions in 15 minutes?



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