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






2. An agreement of no legal effect.






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






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






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






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






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






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






9. The person to whom an offer is made.






10. One who takes initial steps to form corporation.






11. All property which is not real property.






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






13. 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.






14. 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






15. Stock reacquired by a corporation.






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






17. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






18. 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.






19. The party making the assignment.






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






21. 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.






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






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






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






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






26. A negotiable instrument containing a promise to pay.






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






28. A decision of a court.






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






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






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






32. Official document detailing a defendant's defense.






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






34. 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.






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






36. 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.






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






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






39. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






40. The authority of an agent - stated in the document or agreement creating the agency.






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






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






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






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






45. 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).






46. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






49. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






50. Laws which are enacted by legislative bodies.