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






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






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






4. 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.






5. One that is incorporated in a foreign country.






6. 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.






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






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






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






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






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






12. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






14. A negotiable instrument containing a promise to pay.






15. Power to act for someone else.






16. 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.






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






18. One in possession of commercial paper.






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






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






21. An agreement of no legal effect.






22. Official document detailing a defendant's defense.






23. A business owned by one person.






24. Stock that entitles owner vote.






25. 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.






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






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






28. 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.






29. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






31. 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).






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






33. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






36. 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.






37. The person who executes any draft.






38. The person to whom an offer is made.






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






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






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

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






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






44. 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.






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






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






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






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






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






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