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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. Stock that entitles owner vote.






2. An offense which is injurious to society as a whole.






3. A judicial order or decree forbidding the performance of a certain act.






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






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






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






7. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






8. Laws which seek to promote competition among businesses.






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






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






11. 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.






12. Power to act for someone else.






13. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






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






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






17. A written request initiating a civil suit.






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






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






20. The individual who initiates a civil action.






21. Canceling - annulling - avoiding.






22. All property which is not real property.






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






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






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






26. A person in possession of an instrument.






27. One who ships goods by common carrier.






28. The person who executes a promissory note.






29. 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.






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






31. An agreement of no legal effect.






32. 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.






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






34. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






36. 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.






37. A decision of a court.






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






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






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






41. Operates in the state that granted the charter.






42. Person who writes his or her name on back of instrument.






43. 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.






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






45. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






46. 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.






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






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






49. A negotiable instrument containing a promise to pay.






50. Official document detailing a defendant's defense.