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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. Declared value of outstanding stock.






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

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






4. Customs that have become recognized by the courts as binding on the community.






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






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






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






8. A written request initiating a civil suit.






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






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






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






12. A criminal offense which is neither treason nor a felony.






13. 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.






14. 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.






15. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






16. Stating an untrue fact.






17. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






18. 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.






19. A negotiable instrument containing a promise to pay.






20. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






21. The party to whom the assignment is made.






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






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






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






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






26. Movable tangible personal property.






27. Stock that entitles owner vote.






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






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






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






31. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






33. Laws which seek to promote competition among businesses.






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






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






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






37. Laws enacted by local municipalities.






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






39. 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.






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






41. The individual who initiates a civil action.






42. Those goods which are not in existence at the time a contract is agreed to.






43. 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.






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






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






46. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






47. Power to act for someone else.






48. Anything that may be owned.






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






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