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 party to whom any negotiable instrument is made payable.






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






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






4. The person to whom an offer is made.






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






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






7. The party who acquires possession but not the title of personal property in a bailment.






8. A decision of a court.






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






10. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






12. Stock that entitles owner vote.






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






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






15. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






16. Laws enacted by local municipalities.






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






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






19. One to whom goods are shipped by common carrier.






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






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






22. Official document detailing a defendant's defense.






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






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






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






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






27. Stock reacquired by a corporation.






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






29. 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.






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






31. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






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






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






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






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






38. The person who executes any draft.






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






40. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






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






44. The individual who initiates a civil action.






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






46. The goods specified by the buyer and seller.






47. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






50. Court hearing cases appealed from lower courts.