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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 goods specified by the buyer and seller.






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






3. Operates in the state that granted the charter.






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






5. A negotiable instrument containing a promise to pay.






6. 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.






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






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






9. 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






10. Customs that have become recognized by the courts as binding on the community.






11. Stock with an assigned face vale.






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

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13. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






14. The person to whom an offer is made.






15. Pretrial steps taken to learn the details of the case.






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






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






18. A corporation formed to carry out government functions.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






21. Stock that entitles owner vote.






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






23. Court hearing cases appealed from lower courts.






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






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






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






27. 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.






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






29. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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






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






32. One that is incorporated in a foreign country.






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






34. Confirming an act that was executed without authority or an act which was voidable.






35. 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.






36. Declared value of outstanding stock.






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






38. Stock reacquired by a corporation.






39. One who ships goods by common carrier.






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






41. The individual who initiates a civil action.






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






43. The contracting of services rather than goods.






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






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






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






47. Movable tangible personal property.






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






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






50. An agreement of no legal effect.