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






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






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






4. 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.






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






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






7. 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






8. All property which is not real property.






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






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






11. An agreement of no legal effect.






12. An offense which is injurious to society as a whole.






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






14. 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.






15. A contract which will be enforced by the court.






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






17. A written request initiating a civil suit.






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






19. Those goods which are - at the time of the contract - in existence and owned by the seller.






20. 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.






21. A corporation formed to carry out government functions.






22. 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.






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






24. The person who executes a promissory note.






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






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






27. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






29. A written request initiating a civil suit.






30. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






33. Official document detailing a defendant's defense.






34. Laws which seek to promote competition among businesses.






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






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






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






38. Stock reacquired by a corporation.






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






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






42. Declared value of outstanding stock.






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






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






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






46. 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.






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






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






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






50. Canceling - annulling - avoiding.