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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. 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.






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






3. To take into police custody.






4. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






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






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






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






9. 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.






10. One who takes initial steps to form corporation.






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






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






13. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






15. Charging a person with a crime and asking for that person's plea.






16. One who ships goods by common carrier.






17. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






19. Laws which seek to promote competition among businesses.






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






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






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






23. Stock reacquired by a corporation.






24. Laws which are enacted by legislative bodies.






25. Laws enacted by local municipalities.






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






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






28. 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






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






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






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






32. The individual who initiates a civil action.






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






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






35. One that is incorporated in a foreign country.






36. Having no words other than the signature of the endorser.






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






38. An expression of willingness to enter a contractual agreement.






39. All property which is not real property.






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






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






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






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






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






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






46. Declared value of outstanding stock.






47. Power to act for someone else.






48. The signature or statement of purpose by the owner on the back of the instrument.






49. 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.






50. A corporation formed to carry out government functions.







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