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






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






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






4. Canceling - annulling - avoiding.






5. 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.






6. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






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






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






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






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






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






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






13. 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.






14. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






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






18. The person who executes a promissory note.






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






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






21. 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.






22. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






23. An agreement of no legal effect.






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






25. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






29. 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.






30. 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.






31. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






34. One that is incorporated in a foreign country.






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






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






37. The contracting of services rather than goods.






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






39. A business owned by one person.






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






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






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






43. Those contracts in which the terms have not been completely executed or fulfilled.






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

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






46. All property which is not real property.






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






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






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






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