Business Law Vocab
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 74% • Most missed: “An individual who takes no active part in the management of a business but has c…”
Business Law Vocab
Time left 00:00
25 Questions

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

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

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

4. 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.

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

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

7. 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.

8. Declared value of outstanding stock.

9. The act of transferring ownership of a negotiable instrument to another party.

10. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.

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

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

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

14. 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.

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

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

17. 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.

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

19. 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.

20. 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.

21. One that is incorporated in a foreign country.

22. A decision of a court.

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

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

25. Anything that may be owned.

⚡ Recently practiced quizzes in this topic
Live quiz activity
Bachelor of Mass Media in Advertising (BMM Advertising) Practice Test: Copywriting International Marketing Practice Test Questions Bachelor of Mass Media in Advertising (BMM Advertising) Practice Test: Media Planning and Buying Basic Marketing Practice Test Modern Marketing Glossary Pricing Exam Marketing Practice Test: Developing and Managing Products Marketing Practice Test: Decision Support Systems and Marketing Research FBLA Advertising Review Marketing Management Practice Test Questions: All Topics
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.