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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 person who executes any draft.






2. All property which is not real property.






3. Power to act for someone else.






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






5. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






6. Declared value of outstanding stock.






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






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






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






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






11. Those goods which are - at the time of the contract - in existence and owned by the seller.






12. Operates in the state that granted the charter.






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






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






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






16. 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.






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






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






19. The goods specified by the buyer and seller.






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






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






22. One who ships goods by common carrier.






23. A corporation formed by individuals to form some non-governmental function.






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






25. 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.






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






27. The individual who initiates a civil action.






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






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






30. 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.






31. An offense which is injurious to society as a whole.






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






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






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






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






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

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






38. 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.






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






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






41. 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.






42. The party to whom the assignment is made.






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






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






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






46. Court hearing cases appealed from lower courts.






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






48. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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