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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. The necessity that the parties desiring to enter into contracts meet all requirements.






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

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3. 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.






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






5. The contract existing between the consignor (shipper) and the carrier.






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






7. 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).






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






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






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






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






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






13. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






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






18. Customs that have become recognized by the courts as binding on the community.






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






20. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






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






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






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






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






26. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






27. Stock that entitles owner vote.






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






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

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30. Land and those objects permanently attached to land. Rejection refusal to accept.






31. All property which is not real property.






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






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






34. 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.






35. 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.






36. A corporation formed to carry out government functions.






37. To take into police custody.






38. 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






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






40. Exceeding the maximum rate of interest which may be charged on loans.






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






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






43. The person who executes any draft.






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






45. A negotiable instrument containing a promise to pay.






46. One that is incorporated in a foreign country.






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






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






49. 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.






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