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 person against whom legal action is brought. 1






2. 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.






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






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






5. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






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






11. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






12. 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.






13. 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.






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






15. A warranty imposed by law - arising automatically because the sale has been made.






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






17. Declared value of outstanding stock.






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






19. The party making the assignment.






20. A written request initiating a civil suit.






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






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






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


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






25. One in possession of commercial paper.






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






27. The goods specified by the buyer and seller.






28. One who ships goods by common carrier.






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






30. One who takes initial steps to form corporation.






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






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






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






34. The party to whom any negotiable instrument is made payable.






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






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






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






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






39. 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.






40. A business owned by one person.






41. Stock that entitles owner vote.






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






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






44. 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.






45. Anything that may be owned.






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






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






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






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






50. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.