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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. Person who writes his or her name on back of instrument.






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






4. The transfer of possession but not the title of personal property by one party to another - under agreement.






5. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






9. The individual who initiates a civil action.






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






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. 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.






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






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






15. One who ships goods by common carrier.






16. Laws enacted by local municipalities.






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






18. 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






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






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






21. Stock that entitles owner vote.






22. The party to whom the assignment is made.






23. Stating an untrue fact.






24. Official document detailing a defendant's defense.






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






26. 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.






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

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






29. 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.






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






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






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






33. Laws which are enacted by legislative bodies.






34. 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.






35. A written request initiating a civil suit.






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






37. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






38. Charging a person with a crime and asking for that person's plea.






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






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






41. That which the promisor demands and receives as the price for a promise.






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






43. A business owned by one person.






44. An agreement of no legal effect.






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






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






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






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






49. Court hearing cases appealed from lower courts.






50. The goods specified by the buyer and seller.







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