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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. 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.






2. 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.






3. A business owned by one person.






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






5. Anything that may be owned.






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






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






8. The person who executes a promissory note.






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






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






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

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






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






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






15. 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.






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






17. Canceling - annulling - avoiding.






18. 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.






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






20. The person to whom an offer is made.






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






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






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






24. Official document detailing a defendant's defense.






25. Power to act for someone else.






26. The person who executes any draft.






27. 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.






28. Stock that entitles owner vote.






29. One in possession of commercial paper.






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






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






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






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






34. The party making the assignment.






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






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






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






38. Stock reacquired by a corporation.






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






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






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






42. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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

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45. The contracting of services rather than goods.






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






47. 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.






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






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






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