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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. 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.






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






3. Operates in the state that granted the charter.






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






5. 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.






6. To take into police custody.






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






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






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






10. Anything that may be owned.






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






12. A criminal offense which is neither treason nor a felony.






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






14. A business owned by one person.






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






16. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






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






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






22. A written request initiating a civil suit.






23. The person - company - or financial institution ordered to pay a draft.






24. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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

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26. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






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






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






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






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






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






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






33. 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.






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






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






36. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






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






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






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






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






43. 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.






44. 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.






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






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






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






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






49. 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.






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