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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. Anything that may be owned.






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






3. All property which is not real property.






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






5. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






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






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






9. The goods specified by the buyer and seller.






10. A written request initiating a civil suit.






11. 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.






12. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






14. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






15. The contracting of services rather than goods.






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






17. The party who acquires possession but not the title of personal property in a bailment.






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






19. 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.






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






21. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






22. A negotiable instrument containing a promise to pay.






23. Stock with an assigned face vale.






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






25. 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.






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






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






28. A person in possession of an instrument.






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






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






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






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






33. A business owned by one person.






34. 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.






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






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






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






38. Operates in the state that granted the charter.






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






40. That consideration stipulated by contract - generally expressed in money or money's worth.






41. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






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






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






45. Laws which are enacted by legislative bodies.






46. A warranty imposed by law - arising automatically because the sale has been made.






47. Canceling - annulling - avoiding.






48. 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.






49. A law that restricts the period of time within which an action may be brought to court.






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