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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. All property which is not real property.






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






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






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






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






6. 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.






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






8. A person in possession of an instrument.






9. Court hearing cases appealed from lower courts.






10. A criminal offense which is neither treason nor a felony.






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






12. Laws which are enacted by legislative bodies.






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






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






15. Official document detailing a defendant's defense.






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






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






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






19. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






21. Anything that may be owned.






22. 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.






23. Person who writes his or her name on back of instrument.






24. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






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






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






29. An agreement of no legal effect.






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






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






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






33. 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.






34. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






35. 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.






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






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






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






39. A decision of a court.






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






41. Stock with an assigned face vale.






42. 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.






43. A negotiable instrument containing a promise to pay.






44. 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






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






46. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






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






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