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 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.






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






3. A written request initiating a civil suit.






4. A criminal offense which is neither treason nor a felony.






5. Power to act for someone else.






6. One who ships goods by common carrier.






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






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






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






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






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






12. Partner active in a business unknown to the public.






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






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






15. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






16. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






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






19. 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.






20. A decision of a court.






21. 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.






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






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






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






25. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






26. The person who executes a promissory note.






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






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






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






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






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






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






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






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






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






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






37. All property which is not real property.






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






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






40. Canceling - annulling - avoiding.






41. The person who executes any draft.






42. 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.






43. 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






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






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






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






47. A business owned by one person.






48. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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