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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. An agreement to an offer resulting in a contract.






2. Partner unknown to public with no part in management.






3. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






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






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






8. Power to act for someone else.






9. One that is incorporated in a foreign country.






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






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






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






13. Stock that entitles owner vote.






14. 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.






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






16. Court hearing cases appealed from lower courts.






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






18. The party making the assignment.






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






20. To take into police custody.






21. 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.






22. 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






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






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






25. The party who initiates - or makes - an offer.






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






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






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






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






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






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






32. A means whereby one party conveys rights to another person who is not a party to the original contract.






33. Laws enacted by local municipalities.






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






35. 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.






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






37. 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.






38. 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






39. One who ships goods by common carrier.






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






41. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






44. A person in possession of an instrument.






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. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






47. The goods specified by the buyer and seller.






48. Canceling - annulling - avoiding.






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






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