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






2. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






4. Courts that conduct the original trial and render their decision.






5. The goods specified by the buyer and seller.






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






7. Stock with an assigned face vale.






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






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






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






11. Declared value of outstanding stock.






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






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






14. To take into police custody.






15. 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.






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






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






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






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






20. An agreement of no legal effect.






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






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






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






24. The person who executes a promissory note.






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






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






27. A written request initiating a civil suit.






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






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






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






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






32. A written request initiating a civil suit.






33. Stock that entitles owner vote.






34. Those goods which are - at the time of the contract - in existence and owned by the seller.






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. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






38. The party to whom the assignment is made.






39. 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).






40. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






41. 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.






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






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






44. A business owned by one person.






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






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






47. One in possession of commercial paper.






48. The person to whom an offer is made.






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






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