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






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






3. Stock with an assigned face vale.






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






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






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






7. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






9. The contracting of services rather than goods.






10. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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11. The party to whom the assignment is made.






12. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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






15. One who takes initial steps to form corporation.






16. 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






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






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






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






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






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






22. 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






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






24. The person who executes any draft.






25. The person who executes a promissory note.






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






27. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






28. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






30. 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.






31. A written request initiating a civil suit.






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






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






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






35. Stating an untrue fact.






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






37. A person in possession of an instrument.






38. A written request initiating a civil suit.






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






40. 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.






41. 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.






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






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






44. 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.






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






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

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






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






49. To take into police custody.






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