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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 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.






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






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






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






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






6. The individual who initiates a civil action.






7. Confirming an act that was executed without authority or an act which was voidable.






8. 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






9. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






11. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






12. Movable tangible personal property.






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






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






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






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






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






18. The party who gives up possession - but not title - of property in a bailment.






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






20. A negotiable instrument containing a promise to pay.






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






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






23. The goods specified by the buyer and seller.






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






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






26. Canceling - annulling - avoiding.






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






28. 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.






29. The person who executes a promissory note.






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






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






32. 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.






33. An agreement between two or more competent persons which is enforceable by law.






34. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






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

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






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. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






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






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






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






45. 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.






46. Official document detailing a defendant's defense.






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






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






49. The signature or statement of purpose by the owner on the back of the instrument.






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







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