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






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






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






4. A person in possession of an instrument.






5. An endorsement which prevents the use of the instrument for anything except the stated use.






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






7. 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.






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






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






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






11. 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.






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






13. Declared value of outstanding stock.






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






15. The party making the assignment.






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






17. One who ships goods by common carrier.






18. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






19. An agent's authority to do things not specifically authorized in order to carry out express authority.






20. One that is incorporated in a foreign country.






21. 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.






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






23. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






24. 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).






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






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






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






28. 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.






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






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






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






32. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






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






34. The party to whom the assignment is made.






35. A criminal offense that is punishable by confinement in prison or by death.






36. Laws enacted by local municipalities.






37. Canceling - annulling - avoiding.






38. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






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






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






42. The person who executes any draft.






43. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






45. To take into police custody.






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






47. 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






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






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






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