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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 party to whom the assignment is made.






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






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






4. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






7. 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.






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






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






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






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






12. The person to whom an offer is made.






13. An agreement of no legal effect.






14. The individual who initiates a civil action.






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






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






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






18. A written request initiating a civil suit.






19. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






20. Stock with an assigned face vale.






21. Person who writes his or her name on back of instrument.






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






23. Any contract other than a formal contract - whether written - oral or implied.






24. 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.






25. A body of persons elected by the stockholders to define and establish corporate policy.






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






27. All property which is not real property.






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






29. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






30. A warranty imposed by law - arising automatically because the sale has been made.






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






32. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






35. Official document detailing a defendant's defense.






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

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37. A person in possession of an instrument.






38. A written request initiating a civil suit.






39. A corporation formed to carry out government functions.






40. 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.






41. The contracting of services rather than goods.






42. 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






43. To take into police custody.






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






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






46. The person who executes a promissory note.






47. One in possession of commercial paper.






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






49. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






50. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the