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






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






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






4. An endorsement which limits the liability of the endorser.






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






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






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






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






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






10. Power to act for someone else.






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






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






13. Pretrial steps taken to learn the details of the case.






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






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






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






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






18. 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






19. 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.






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






21. Operates in the state that granted the charter.






22. The party making the assignment.






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






24. One who ships goods by common carrier.






25. The goods specified by the buyer and seller.






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






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






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






29. The party to whom the assignment is made.






30. The individual who initiates a civil action.






31. One in possession of commercial paper.






32. Stock reacquired by a corporation.






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






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






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






36. Laws which seek to promote competition among businesses.






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






38. A business owned by one person.






39. All property which is not real property.






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






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






42. Official document detailing a defendant's defense.






43. 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






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

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






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






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






48. A decision of a court.






49. Court hearing cases appealed from lower courts.






50. 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.