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






2. 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.






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






4. 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.






5. 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






6. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






8. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






9. Court hearing cases appealed from lower courts.






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






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






12. A decision of a court.






13. One who takes initial steps to form corporation.






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






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






16. Laws enacted by local municipalities.






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






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






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






20. Stock that entitles owner vote.






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






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






23. 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.






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






25. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






26. Official document detailing a defendant's defense.






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






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






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






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






31. Stock reacquired by a corporation.






32. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






34. A corporation formed by individuals to form some non-governmental function.






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






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






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






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






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






40. A corporation formed to carry out government functions.






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






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






43. The individual who initiates a civil action.






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






45. Stating an untrue fact.






46. 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






47. The party making the assignment.






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






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






50. The contracting of services rather than goods.