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






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

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






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






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






6. The person to whom an offer is made.






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






8. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






9. A person in possession of an instrument.






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






11. The person who executes any draft.






12. 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






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






14. The person - company - or financial institution ordered to pay a draft.






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






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






17. 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.






18. The party to whom any negotiable instrument is made payable.






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






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






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






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






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






25. 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).






26. One who takes initial steps to form corporation.






27. 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.






28. Movable tangible personal property.






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






30. An agreement of no legal effect.






31. 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.






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






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






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






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






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






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






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






39. The party to whom the assignment is made.






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






41. The contracting of services rather than goods.






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






43. An individual who takes no active part in the management of a business but has capital invested in the business.






44. 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.






45. Declared value of outstanding stock.






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






47. The signature or statement of purpose by the owner on the back of the instrument.






48. A written request initiating a civil suit.






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






50. A negotiable instrument containing a promise to pay.







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