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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 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.






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






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






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






5. A warranty imposed by law - arising automatically because the sale has been made.






6. An endorsement which limits the liability of the endorser.






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






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






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






10. Improper influence that is asserted by one dominant person over another - without the threat or harm.






11. Stock that entitles owner vote.






12. The individual who initiates a civil action.






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






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






15. 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.






16. The party making the assignment.






17. The party to whom the assignment is made.






18. The contracting of services rather than goods.






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






20. Canceling - annulling - avoiding.






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






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






23. A person in possession of an instrument.






24. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






26. A written request initiating a civil suit.






27. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






28. Stock with an assigned face vale.






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






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






31. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






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






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






36. 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.






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






38. One in possession of commercial paper.






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






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






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






42. 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.






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






44. Stating an untrue fact.






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






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






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






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






49. A corporation formed to carry out government functions.






50. Stock reacquired by a corporation.







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