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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






3. Laws which seek to promote competition among businesses.






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






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






6. The authority of an agent - stated in the document or agreement creating the agency.






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






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






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






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






11. An individual who takes no active part in the management of a business but has capital invested in the business.






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






13. 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






14. 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.






15. A decision of a court.






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






17. 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.






18. The person who executes a promissory note.






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






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






21. Operates in the state that granted the charter.






22. A corporation formed to carry out government functions.






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






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






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






26. The contract existing between the consignor (shipper) and the carrier.






27. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






28. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






30. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






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






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






35. 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.






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






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






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






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






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






41. Movable tangible personal property.






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






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






44. 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.






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






46. 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.






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






48. One in possession of commercial paper.






49. The party making the assignment.






50. Laws enacted by local municipalities.