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






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






3. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






4. An agreement of no legal effect.






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






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






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






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






9. Partner unknown to public with no part in management.






10. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






12. Stock reacquired by a corporation.






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






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






15. 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.






16. An agreement between two or more competent persons which is enforceable by law.






17. Stock that entitles owner vote.






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






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






20. 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.






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






22. 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.






23. Movable tangible personal property.






24. The party who gives up possession - but not title - of property in a bailment.






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






26. Official document detailing a defendant's defense.






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






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






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

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






31. 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






32. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






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






36. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






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






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






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






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






42. 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.






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






44. Laws enacted by local municipalities.






45. Anything that may be owned.






46. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






48. A criminal offense that is punishable by confinement in prison or by death.






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






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