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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. Stock reacquired by a corporation.






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






3. All property which is not real property.






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






5. 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






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






7. 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






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






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






10. Operates in the state that granted the charter.






11. Movable tangible personal property.






12. 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).






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






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






15. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






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






18. A written request initiating a civil suit.






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






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






21. 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.






22. Laws which seek to promote competition among businesses.






23. 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.






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






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






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






27. Stock that entitles owner vote.






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






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






30. An agreement of no legal effect.






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






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






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






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






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






36. A business owned by one person.






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






38. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






40. A written request initiating a civil suit.






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






42. The party who initiates - or makes - an offer.






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






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






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






46. 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.






47. One that is incorporated in a foreign country.






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






49. Power to act for someone else.






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