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






2. Those contracts in which the terms have not been completely executed or fulfilled.






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






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






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






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






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






8. The annulment or cancellation of an instrument - act or promise by one doing or making it.






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






10. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






11. 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.






12. One who takes initial steps to form corporation.






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






14. A business owned by one person.






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






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






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






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






19. Canceling - annulling - avoiding.






20. One who ships goods by common carrier.






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






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






23. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






25. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






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






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






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






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






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






33. Movable tangible personal property.






34. 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.






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






36. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






37. 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.






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






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






40. The contracting of services rather than goods.






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






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






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






44. Court hearing cases appealed from lower courts.






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






46. Laws enacted by local municipalities.






47. 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.






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






49. The person who executes a promissory note.






50. 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.