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. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






2. A corporation formed to carry out government functions.






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






4. One who takes initial steps to form corporation.






5. One who ships goods by common carrier.






6. Declared value of outstanding stock.






7. 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.






8. 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


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






10. A written request initiating a civil suit.






11. 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.






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






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






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






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






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






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






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






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






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






21. Power to act for someone else.






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






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






24. Those goods which are not in existence at the time a contract is agreed to.






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






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






27. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






28. Stock reacquired by a corporation.






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






30. The act of transferring ownership of a negotiable instrument to another party.






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






32. The party to whom the assignment is made.






33. Movable tangible personal property.






34. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






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






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






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






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






41. Laws enacted by local municipalities.






42. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






44. 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






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






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






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






48. The party making the assignment.






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests