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. The contracting of services rather than goods.






2. 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.






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






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






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






6. A decision of a court.






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






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






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






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






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






12. All property which is not real property.






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






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






15. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






16. 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.






17. The goods specified by the buyer and seller.






18. The party making the assignment.






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






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






21. The person who executes any draft.






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






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






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






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






26. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






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






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






30. 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






31. 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.






32. 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.






33. A business owned by one person.






34. A corporation formed to carry out government functions.






35. Laws enacted by local municipalities.






36. Stock with an assigned face vale.






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






38. One in possession of commercial paper.






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






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






41. A written request initiating a civil suit.






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






43. 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.






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






45. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






46. 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.






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






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






49. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






50. Person not party to a contract - but whom parties intended to benefit.