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






2. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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






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






5. Stock reacquired by a corporation.






6. The individual who initiates a civil action.






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






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






9. Laws which are enacted by legislative bodies.






10. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






12. Laws which seek to promote competition among businesses.






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






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






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






16. A contract remedy by which the court requires the breaching party to perform the contract.






17. Operates in the state that granted the charter.






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






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






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






21. The person to whom an offer is made.






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






23. One who takes initial steps to form corporation.






24. 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.






25. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






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






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






30. The party to whom the assignment is made.






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






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






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






34. A decision of a court.






35. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






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






37. Stock with an assigned face vale.






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






39. 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.






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






41. 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.






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






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






44. 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.






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






46. 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.






47. A corporation formed to carry out government functions.






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






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






50. The person who executes any draft.