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






3. Stock with an assigned face vale.






4. The person who executes any draft.






5. 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.






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. A written request initiating a civil suit.






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






9. 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.






10. Laws enacted by local municipalities.






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






12. Court hearing cases appealed from lower courts.






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






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






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






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






17. Declared value of outstanding stock.






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






19. Operates in the state that granted the charter.






20. 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.






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






22. An agreement which is not in the form required by law.






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






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






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






26. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






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






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






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






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






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






35. A negotiable instrument containing a promise to pay.






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






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






38. One who ships goods by common carrier.






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






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






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






42. 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






43. The transfer of title to goods from the seller to the buyer for a consideration called the price.






44. 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






45. The goods specified by the buyer and seller.






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






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






48. Power to act for someone else.






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






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