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






2. A law that restricts the period of time within which an action may be brought to court.






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






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






5. Power to act for someone else.






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






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






8. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






9. An agreement which is not in the form required by law.






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






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






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






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






14. 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.






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






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






17. 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.






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






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






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






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






22. 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.






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






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






25. 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.






26. Declared value of outstanding stock.






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






28. Movable tangible personal property.






29. 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.






30. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






31. A commercial paper payable to bearer; i.e. to the person having possession of such.






32. A written request initiating a civil suit.






33. 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






34. That consideration stipulated by contract - generally expressed in money or money's worth.






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






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






37. Laws which seek to promote competition among businesses.






38. A check drawn on a bank's own funds and signed by a responsible bank official.

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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. Laws which are enacted by legislative bodies.






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






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






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






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






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






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

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






48. Laws enacted by local municipalities.






49. 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.






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