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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 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.






2. The annulment or cancellation of an instrument - act or promise by one doing or making it.






3. A decision of a court.






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






5. Stock reacquired by a corporation.






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






7. The person against whom legal action is brought. 1






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






9. Those contracts in which the terms have not been completely executed or fulfilled.






10. Power to act for someone else.






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






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






13. A person in possession of an instrument.






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






15. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






17. 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.






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






19. The contracting of services rather than goods.






20. Movable tangible personal property.






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






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






23. Declared value of outstanding stock.






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






25. Official document detailing a defendant's defense.






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






27. 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






28. 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.






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






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






31. A corporation formed to carry out government functions.






32. A negotiable instrument containing a promise to pay.






33. Stating an untrue fact.






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






35. All property which is not real property.






36. Laws enacted by local municipalities.






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






38. The person who executes a promissory note.






39. 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.






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






41. An agreement of no legal effect.






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






43. Person not party to a contract - but whom parties intended to benefit.






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






45. Stock with an assigned face vale.






46. The person who executes any draft.






47. One that is incorporated in a foreign country.






48. The party who gives up possession - but not title - of property in a bailment.






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

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