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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. Operates in the state that granted the charter.






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. One who takes initial steps to form corporation.






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






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






6. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






8. 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.






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






10. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






11. Partner unknown to public with no part in management.






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






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






14. Anything that may be owned.






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






16. 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.






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






18. Laws which seek to promote competition among businesses.






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






20. An agreement made and executed in satisfaction of the rights one has from a previous contract.






21. To take into police custody.






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






23. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






24. Stock reacquired by a corporation.






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






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






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






28. 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.






29. The individual who initiates a civil action.






30. 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.






31. Stock with an assigned face vale.






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






33. 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.






34. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






36. Official document detailing a defendant's defense.






37. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






38. Power to act for someone else.






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






40. The person who executes a promissory note.






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






42. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






43. An individual who takes no active part in the management of a business but has capital invested in the business.






44. A business owned by one person.






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






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






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






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






49. Stock that entitles owner vote.






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