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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 agreement which is not in the form required by law.






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






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






4. One who takes initial steps to form corporation.






5. Movable tangible personal property.






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






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

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8. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






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






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






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






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






15. Confirming an act that was executed without authority or an act which was voidable.






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






17. Stating an untrue fact.






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






19. An award paid to the injured party to cover the exact amount of their loss - but no more.






20. A written request initiating a civil suit.






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






22. The person to whom an offer is made.






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






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






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






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






27. Stock with an assigned face vale.






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






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






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






32. A negotiable instrument containing a promise to pay.






33. 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.






34. The party making the assignment.






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






36. 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.






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






38. Stock that entitles owner vote.






39. 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.






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






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






42. 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.






43. Partner active in a business unknown to the public.






44. 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.






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






46. 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.






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






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






49. All property which is not real property.






50. Power to act for someone else.