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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. A written request initiating a civil suit.






2. A negotiable instrument containing a promise to pay.






3. Partner active in a business unknown to the public.






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






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






6. An agreement of no legal effect.






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






8. A corporation formed to carry out government functions.






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






10. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






11. An offense which is injurious to society as a whole.






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






13. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






16. A written request initiating a civil suit.






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






18. A person in possession of an instrument.






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






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






21. 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.






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






23. 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.






24. 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.






25. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.






26. The contracting of services rather than goods.






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






28. Laws which are enacted by legislative bodies.






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






30. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






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






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






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






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






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






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






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






39. 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.






40. A business owned by one person.






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






42. A document of conveyance that provides written evidence of one's title to tangible personal property.






43. 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.






44. 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.






45. 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.






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






47. The transfer of possession but not the title of personal property by one party to another - under agreement.






48. One who ships goods by common carrier.






49. One who takes initial steps to form corporation.






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