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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 injured party to cover the exact amount of their loss - but no more.






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






3. Court hearing cases appealed from lower courts.






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






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






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






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






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






9. One in possession of commercial paper.






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






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






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






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






14. The goods specified by the buyer and seller.






15. To take into police custody.






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






17. A written request initiating a civil suit.






18. 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






19. A written request initiating a civil suit.






20. Power to act for someone else.






21. The person to whom an offer is made.






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






23. A criminal offense that is punishable by confinement in prison or by death.






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






25. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






26. 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.






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






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






29. 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.






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






31. 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.






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






33. A corporation formed to carry out government functions.






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






35. Operates in the state that granted the charter.






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






37. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






38. A judicial order or decree forbidding the performance of a certain act.






39. 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.






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






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






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






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






44. Stock that entitles owner vote.






45. 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.






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






47. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






48. Declared value of outstanding stock.






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






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