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






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






3. One to whom goods are shipped by common carrier.






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






5. A corporation formed to carry out government functions.






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






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






8. One who takes initial steps to form corporation.






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






10. Operates in the state that granted the charter.






11. The goods specified by the buyer and seller.






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






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






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






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






16. The contract existing between the consignor (shipper) and the carrier.






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






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






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






20. The individual who initiates a civil action.






21. Power to act for someone else.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






23. Those goods which are not in existence at the time a contract is agreed to.






24. Declared value of outstanding stock.






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. 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.






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






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






29. Stock reacquired by a corporation.






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






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






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






33. Laws which are enacted by legislative bodies.






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






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






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






37. Canceling - annulling - avoiding.






38. The party to whom the assignment is made.






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






40. Anything that may be owned.






41. A written request initiating a civil suit.






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






43. Those contracts that must be in special form or produced in a certain way - such as under seal.






44. The transfer of possession but not the title of personal property by one party to another - under agreement.






45. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






47. Stock with an assigned face vale.






48. 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.






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






50. An endorsement which prevents the use of the instrument for anything except the stated use.