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

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2. The party who initiates - or makes - an offer.






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






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






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






6. 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






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






8. The contract existing between the consignor (shipper) and the carrier.






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






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






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






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






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






14. 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.






15. One who takes initial steps to form corporation.






16. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






17. The party making the assignment.






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






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






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






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






22. A written request initiating a civil suit.






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






24. A business owned by one person.






25. 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.






26. Declared value of outstanding stock.






27. Official document detailing a defendant's defense.






28. A commercial paper payable to bearer; i.e. to the person having possession of such.






29. 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.






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






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






32. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






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






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






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






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






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






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






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






42. Those goods which are not in existence at the time a contract is agreed to.






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






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






45. The person to whom an offer is made.






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






47. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






48. One in possession of commercial paper.






49. A person in possession of an instrument.






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