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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. Laws which seek to promote competition among businesses.






2. The person to whom an offer is made.






3. A corporation formed to carry out government functions.






4. 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).






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






6. Declared value of outstanding stock.






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






8. 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.






9. The change of one of the parties to a contract at the mutual agreement of the original parties.






10. Stock with an assigned face vale.






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






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






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






14. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






16. 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.






17. Power to act for someone else.






18. 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.






19. An agreement of no legal effect.






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






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






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






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






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






25. The party making the assignment.






26. The person who executes any draft.






27. A party who appoints a second party to serve as an agent.






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






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






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






31. 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.






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






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






34. The goods specified by the buyer and seller.






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






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






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






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






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






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






41. Official document detailing a defendant's defense.






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






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






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






45. Stock that entitles owner vote.






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






47. 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.






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






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






50. A decision of a court.