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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 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.






2. A written request initiating a civil suit.






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






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






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






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






7. The party who acquires possession but not the title of personal property in a bailment.






8. 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






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






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






11. 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.






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






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






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






15. One who takes initial steps to form corporation.






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






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






18. All property which is not real property.






19. 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.






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






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






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






23. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






24. 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






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






26. A written request initiating a civil suit.






27. An agreement of no legal effect.






28. The person who executes a promissory note.






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






30. The person who executes any draft.






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






32. An agreement to an offer resulting in a contract.






33. A warranty imposed by law - arising automatically because the sale has been made.






34. One in possession of commercial paper.






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






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






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






38. 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.






39. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






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






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






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






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






45. 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.






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






47. Official document detailing a defendant's defense.






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






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






50. One that is incorporated in a foreign country.