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






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






3. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






4. Anything that may be owned.






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






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






7. One that is incorporated in a foreign country.






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






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






10. The change of one of the parties to a contract at the mutual agreement of the original parties.






11. Stock reacquired by a corporation.






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






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






14. Power to act for someone else.






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






16. An agreement of no legal effect.






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






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






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






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






21. The person to whom an offer is made.






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






23. The party who gives up possession - but not title - of property in a bailment.






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






25. Official document detailing a defendant's defense.






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






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






28. The goods specified by the buyer and seller.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


30. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






31. 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.






32. The person who executes any draft.






33. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






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






37. The contracting of services rather than goods.






38. A written request initiating a civil suit.






39. 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.






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






41. An expression of willingness to enter a contractual agreement.






42. Operates in the state that granted the charter.






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






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






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






46. The person who executes a promissory note.






47. Laws enacted by local municipalities.






48. Those goods which are - at the time of the contract - in existence and owned by the seller.






49. The party making the assignment.






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