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






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






3. 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.






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






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






6. The contracting of services rather than goods.






7. Laws enacted by local municipalities.






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






9. One in possession of commercial paper.






10. To take into police custody.






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






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






13. The person who executes any draft.






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






15. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






16. A check drawn on a bank's own funds and signed by a responsible bank official.

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17. All property which is not real property.






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






19. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






21. A written request initiating a civil suit.






22. 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.






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






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






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






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






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






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






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

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






31. 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.






32. The party to whom the assignment is made.






33. Movable tangible personal property.






34. 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.






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






36. A document of conveyance that provides written evidence of one's title to tangible personal property.






37. A written request initiating a civil suit.






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






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






40. 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.






41. A person in possession of an instrument.






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






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






44. 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.






45. Declared value of outstanding stock.






46. Canceling - annulling - avoiding.






47. 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.






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






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






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