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






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






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






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






5. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






6. Anything that may be owned.






7. The individual who initiates a civil action.






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






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






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






11. A written request initiating a civil suit.






12. One that is incorporated in a foreign country.






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






14. A corporation formed to carry out government functions.






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






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






17. The party making the assignment.






18. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






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






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






23. Power to act for someone else.






24. A check drawn on a bank's own funds and signed by a responsible bank official.

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25. A business owned by one person.






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






27. One who ships goods by common carrier.






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






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






30. 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).






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






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






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






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






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






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






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






38. 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.






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






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






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






42. The contracting of services rather than goods.






43. 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.






44. 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.






45. 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.






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






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






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






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






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