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






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






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






4. 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).






5. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






10. Partner unknown to public with no part in management.






11. A written request initiating a civil suit.






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






13. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






15. A person in possession of an instrument.






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






17. 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


18. Stock reacquired by a corporation.






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






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






21. 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.






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






23. The person who executes a promissory note.






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






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






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






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






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






29. Declared value of outstanding stock.






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






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






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






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






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






35. 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.






36. A written request initiating a civil suit.






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






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






39. 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.






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






41. 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.






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






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






44. Stock giving special advantage as to payment of dividends - upon liquidation or both.






45. 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.






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






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






48. An agreement to an offer resulting in a contract.






49. Having no words other than the signature of the endorser.






50. The party to whom the assignment is made.