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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. Improper influence that is asserted by one dominant person over another - without the threat or harm.






2. Canceling - annulling - avoiding.






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






4. One who ships goods by common carrier.






5. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






7. Movable tangible personal property.






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






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






10. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






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






13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






14. One in possession of commercial paper.






15. The party to whom any negotiable instrument is made payable.






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






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






18. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






20. The person who executes any draft.






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






22. A corporation formed to carry out government functions.






23. The person - company - or financial institution ordered to pay a draft.






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






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






26. Laws which are enacted by legislative bodies.






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






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






29. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






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






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






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






34. 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.






35. 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.






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






37. A person in possession of an instrument.






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






39. Stock reacquired by a corporation.






40. 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.






41. 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.






42. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






45. 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.






46. A written request initiating a civil suit.






47. The contracting of services rather than goods.






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






49. The goods specified by the buyer and seller.






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