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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. Declared value of outstanding stock.






2. A law that restricts the period of time within which an action may be brought to court.






3. 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.






4. 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.






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






6. 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






7. Court hearing cases appealed from lower courts.






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






9. A person in possession of an instrument.






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






11. A written request initiating a civil suit.






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






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






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






15. The party to whom the assignment is made.






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






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






18. 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






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






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






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






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






23. Stock with an assigned face vale.






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






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






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






27. 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.






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






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






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






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






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






33. Laws which are enacted by legislative bodies.






34. Movable tangible personal property.






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






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






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

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






39. A written request initiating a civil suit.






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






41. One that is incorporated in a foreign country.






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






43. All property which is not real property.






44. One in possession of commercial paper.






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






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






47. 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.






48. A business owned by one person.






49. Anything that may be owned.






50. To take into police custody.







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