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






2. 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.






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






4. 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






5. 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.






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






7. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






9. One who ships goods by common carrier.






10. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






11. A written request initiating a civil suit.






12. A criminal offense which is neither treason nor a felony.






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






14. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






17. Movable tangible personal property.






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






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






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






22. The party to whom the assignment is made.






23. Declared value of outstanding stock.






24. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






26. 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.






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






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






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






30. An agreement of no legal effect.






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






32. One in which terms of the contract are implied by acts or conduct of the '_ parties.






33. A business owned by one person.






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






35. The person who executes a promissory note.






36. A negotiable instrument containing a promise to pay.






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






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






39. 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.






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

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41. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






42. Laws which are enacted by legislative bodies.






43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






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






47. An endorsement which designates the particular person to whom payment is to be made.






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






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






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