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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. 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.






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






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






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






5. An individual who takes no active part in the management of a business but has capital invested in the business.






6. The person who executes any draft.






7. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






9. The party making the assignment.






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






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






12. Operates in the state that granted the charter.






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






14. 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.






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






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






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






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






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






20. 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.






21. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






22. 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).






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






24. An individual actively and openly engaged in the business and held out to everyone as a partner.






25. A document of conveyance that provides written evidence of one's title to tangible personal property.






26. One authorized by the principal to execute specific acts.






27. 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.






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






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






30. Customs that have become recognized by the courts as binding on the community.






31. Court hearing cases appealed from lower courts.






32. The individual who initiates a civil action.






33. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






35. One who takes initial steps to form corporation.






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






37. Stock reacquired by a corporation.






38. A person in possession of an instrument.






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






40. A written request initiating a civil suit.






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






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






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






44. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






45. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






46. All property which is not real property.






47. 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.






48. Laws enacted by local municipalities.






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






50. 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.






Can you answer 50 questions in 15 minutes?



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