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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. One to whom goods are shipped by common carrier.






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






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






4. One that is incorporated in a foreign country.






5. One who takes initial steps to form corporation.






6. An expression of willingness to enter a contractual agreement.






7. 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.






8. The person against whom legal action is brought. 1






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






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






11. 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.






12. A decision of a court.






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






14. Power to act for someone else.






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






16. 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






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






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






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






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






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






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






23. 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).






24. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






26. Pretrial steps taken to learn the details of the case.






27. 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.






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

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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. A contract remedy by which the court requires the breaching party to perform the contract.






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

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






33. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






35. Stating an untrue fact.






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






37. 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.






38. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






39. A written request initiating a civil suit.






40. Operates in the state that granted the charter.






41. 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.






42. A corporation formed to carry out government functions.






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






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






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






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






47. 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.






48. To take into police custody.






49. 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






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






Can you answer 50 questions in 15 minutes?



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