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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. 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.






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






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






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






5. One who ships goods by common carrier.






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






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






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






9. One who takes initial steps to form corporation.






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






11. An expression of willingness to enter a contractual agreement.






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






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






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






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






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






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






18. Operates in the state that granted the charter.






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






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






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






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






23. The contracting of services rather than goods.






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

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25. 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.






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






27. 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






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






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






30. The party to whom the assignment is made.






31. One to whom goods are shipped by common carrier.






32. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






34. 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.






35. All property which is not real property.






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






37. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






39. A written request initiating a civil suit.






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






41. A negotiable instrument containing a promise to pay.






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






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






44. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






45. Stating an untrue fact.






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






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






48. 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.






49. 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.






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