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






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






3. A judicial order or decree forbidding the performance of a certain act.






4. One who ships goods by common carrier.






5. Stock reacquired by a corporation.






6. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






8. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






10. The individual who initiates a civil action.






11. The authority of an agent - stated in the document or agreement creating the agency.






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






13. Laws which seek to promote competition among businesses.






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






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






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






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

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






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






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






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






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






23. To take into police custody.






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






25. Canceling - annulling - avoiding.






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






27. A decision of a court.






28. Official document detailing a defendant's defense.






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






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






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






32. One who takes initial steps to form corporation.






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






34. 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.






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






36. Laws enacted by local municipalities.






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






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






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






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






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






42. Stock that entitles owner vote.






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






44. 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.






45. 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






46. One that is incorporated in a foreign country.






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






48. A check for which the bank assures that the drawer has sufficient funds to make payment.






49. 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.






50. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).