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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 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.






2. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






5. Court hearing cases appealed from lower courts.






6. Stock reacquired by a corporation.






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

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8. A written request initiating a civil suit.






9. 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.






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






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






12. 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.






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






14. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






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






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






18. 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.






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






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






21. A corporation formed to carry out government functions.






22. An agreement to an offer resulting in a contract.






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






24. The person who executes any draft.






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






26. Anything that may be owned.






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






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






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






30. An agreement made and executed in satisfaction of the rights one has from a previous contract.






31. One that is incorporated in a foreign country.






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






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






34. 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.






35. 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.






36. 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.






37. Laws which seek to promote competition among businesses.






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






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






40. The goods specified by the buyer and seller.






41. Canceling - annulling - avoiding.






42. 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.






43. To take into police custody.






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






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






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






47. 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.






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






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






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