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






2. Stock with an assigned face vale.






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






4. 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.






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






6. A party who appoints a second party to serve as an agent.






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






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






9. Movable tangible personal property.






10. A negotiable instrument containing a promise to pay.






11. An agreement to an offer resulting in a contract.






12. Power to act for someone else.






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






14. One who takes initial steps to form corporation.






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






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






17. Stock that entitles owner vote.






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






19. One that is incorporated in a foreign country.






20. 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.






21. One authorized by the principal to execute specific acts.






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






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






24. Official document detailing a defendant's defense.






25. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






27. 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.






28. 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






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






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






31. A business owned by one person.






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






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






34. Stating an untrue fact.






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






36. Anything that may be owned.






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






38. The person who executes any draft.






39. An agreement of no legal effect.






40. The goods specified by the buyer and seller.






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






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






43. 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.






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






45. Person who writes his or her name on back of instrument.






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






47. The person who executes a promissory note.






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






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