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






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

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3. 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






4. Exceeding the maximum rate of interest which may be charged on loans.






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






6. 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.






7. All property which is not real property.






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






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






10. One who ships goods by common carrier.






11. Stating an untrue fact.






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






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






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






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






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. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






18. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






20. Court hearing cases appealed from lower courts.






21. 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.






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






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






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






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






26. Stock that entitles owner vote.






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






28. An agreement of no legal effect.






29. Stock reacquired by a corporation.






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






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






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






33. Laws which are enacted by legislative bodies.






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






35. A criminal offense which is neither treason nor a felony.






36. Declared value of outstanding stock.






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






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






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






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






41. A contract which will be enforced by the court.






42. 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.






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






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






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






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






47. 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.






48. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






50. A written request initiating a civil suit.