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






2. The person to whom an offer is made.






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






4. 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






5. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






6. Movable tangible personal property.






7. 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.






8. The party making the assignment.






9. Operates in the state that granted the charter.






10. All property which is not real property.






11. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






12. A business owned by one person.






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






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






15. The individual who initiates a civil action.






16. 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.






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






18. To take into police custody.






19. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






20. 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






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






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






23. Court hearing cases appealed from lower courts.






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






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






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






27. 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.






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






29. The annulment or cancellation of an instrument - act or promise by one doing or making it.






30. Stock with an assigned face vale.






31. The person who executes any draft.






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






33. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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






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






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






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






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






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






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






41. 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.






42. 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.






43. One in possession of commercial paper.






44. The goods specified by the buyer and seller.






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






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






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






48. 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.






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






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