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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 to an offer resulting in a contract.






2. Laws which seek to promote competition among businesses.






3. The person to whom an offer is made.






4. Exceeding the maximum rate of interest which may be charged on loans.






5. One authorized by the principal to execute specific acts.






6. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






8. 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.






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






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






11. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






13. A negotiable instrument containing a promise to pay.






14. A written request initiating a civil suit.






15. 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






16. A decision of a court.






17. 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.






18. The party to whom the assignment is made.






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






20. The person who executes any draft.






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






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

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






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






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






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






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






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






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






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






31. A criminal offense which is neither treason nor a felony.






32. 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.






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






34. Canceling - annulling - avoiding.






35. Official document detailing a defendant's defense.






36. One to whom goods are shipped by common carrier.






37. The person who executes a promissory note.






38. An agreement of no legal effect.






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






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






41. 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.






42. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






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






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






47. Declared value of outstanding stock.






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






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






50. 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).