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






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






3. 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.






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






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






6. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






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






9. 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.






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






11. The person - company - or financial institution ordered to pay a draft.






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






13. 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






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

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15. Stock reacquired by a corporation.






16. 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.






17. Official document detailing a defendant's defense.






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






19. Laws which are enacted by legislative bodies.






20. The goods specified by the buyer and seller.






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






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






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






24. Declared value of outstanding stock.






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






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






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






28. Person not party to a contract - but whom parties intended to benefit.






29. All property which is not real property.






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






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






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






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






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






35. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






36. Movable tangible personal property.






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






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






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






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






41. The annulment or cancellation of an instrument - act or promise by one doing or making it.






42. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






44. 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.






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






46. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






47. Anything that may be owned.






48. 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.






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






50. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.







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