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






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

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






4. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






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






8. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






9. Partner active in a business unknown to the public.






10. 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






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






12. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






14. A written request initiating a civil suit.






15. A contract which will be enforced by the court.






16. The goods specified by the buyer and seller.






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






18. Operates in the state that granted the charter.






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






20. Land and those objects permanently attached to land. Rejection refusal to accept.






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






22. A negotiable instrument containing a promise to pay.






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






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






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






26. 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






27. The party making the assignment.






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






29. A business owned by one person.






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






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






32. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






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






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






36. 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.






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






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






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






40. 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






41. The contract existing between the consignor (shipper) and the carrier.






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






43. To take into police custody.






44. 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.






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






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






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






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






49. Movable tangible personal property.






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