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






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






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






4. The act of transferring ownership of a negotiable instrument to another party.






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






6. Person who writes his or her name on back of instrument.






7. Anything that may be owned.






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






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






10. The party who acquires possession but not the title of personal property in a bailment.






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






12. A negotiable instrument containing a promise to pay.






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






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






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






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






17. Stock with an assigned face vale.






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






19. The person who executes any draft.






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






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






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






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






24. 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.






25. Movable tangible personal property.






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

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27. Laws which are enacted by legislative bodies.






28. 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.






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






30. The person who executes a promissory note.






31. 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.






32. All property which is not real property.






33. Partner active in a business unknown to the public.






34. Operates in the state that granted the charter.






35. Laws which seek to promote competition among businesses.






36. A corporation formed to carry out government functions.






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






38. One in possession of commercial paper.






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






40. A written request initiating a civil suit.






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






42. 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.






43. 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.






44. 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






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






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






47. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






49. 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






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







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