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






2. 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.






3. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






4. Stock with an assigned face vale.






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






6. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






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






10. An endorsement which prevents the use of the instrument for anything except the stated use.






11. 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.






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






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






14. 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.






15. An agreement between two or more competent persons which is enforceable by law.






16. 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.






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






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






19. Anything that may be owned.






20. Court hearing cases appealed from lower courts.






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






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






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






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






25. An individual actively and openly engaged in the business and held out to everyone as a partner.






26. A business owned by one person.






27. One who ships goods by common carrier.






28. 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.






29. Pretrial steps taken to learn the details of the case.






30. 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.






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






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






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






34. The person to whom an offer is made.






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






36. 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.






37. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






40. One that is incorporated in a foreign country.






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






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






43. The party to whom the assignment is made.






44. One in possession of commercial paper.






45. That which the promisor demands and receives as the price for a promise.






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






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






48. 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






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






50. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.