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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. Courts that conduct the original trial and render their decision.






2. 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.






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






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






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






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






7. 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.






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






9. An agreement of no legal effect.






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






11. One who takes initial steps to form corporation.






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






13. The party who initiates - or makes - an offer.






14. 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.






15. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






16. 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.






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






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






19. Canceling - annulling - avoiding.






20. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






23. The goods specified by the buyer and seller.






24. To take into police custody.






25. Stock reacquired by a corporation.






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






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






28. 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.






29. 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.






30. Court hearing cases appealed from lower courts.






31. All property which is not real property.






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






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






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






35. The individual who initiates a civil action.






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






37. A decision of a court.






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






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






40. The person who executes any draft.






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






42. 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.






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






44. A business owned by one person.






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






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






47. 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.






48. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






49. Laws which are enacted by legislative bodies.






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