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






2. 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.






3. A law that restricts the period of time within which an action may be brought to court.






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






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






7. A business owned by one person.






8. The annulment or cancellation of an instrument - act or promise by one doing or making it.






9. The goods specified by the buyer and seller.






10. 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.






11. Those rules of civil conduct commanding what is right and prohibiting what is wrong.






12. 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.






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






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






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






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






17. A negotiable instrument containing a promise to pay.






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






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






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






21. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






22. A decision of a court.






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






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






25. Canceling - annulling - avoiding.






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






27. Court hearing cases appealed from lower courts.






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






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






30. A person in possession of an instrument.






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






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






33. Stock with an assigned face vale.






34. Operates in the state that granted the charter.






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






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






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






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






39. The individual who initiates a civil action.






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






41. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






43. Stock that entitles owner vote.






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






45. Laws enacted by local municipalities.






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






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






48. The party to whom the assignment is made.






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






50. Customs that have become recognized by the courts as binding on the community.