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






2. Stock that entitles owner vote.






3. Stock reacquired by a corporation.






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






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






6. 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






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






8. An agreement of no legal effect.






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






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






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






12. The goods specified by the buyer and seller.






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






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






15. One that is incorporated in a foreign country.






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






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






18. A corporation formed to carry out government functions.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






20. Those goods which are not in existence at the time a contract is agreed to.






21. The person who executes any draft.






22. A criminal offense that is punishable by confinement in prison or by death.






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






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






25. 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






26. Movable tangible personal property.






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






28. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






29. One who takes initial steps to form corporation.






30. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






32. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






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






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






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






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






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






39. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






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






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






43. 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.






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






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






46. A written request initiating a civil suit.






47. Laws enacted by local municipalities.






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






49. Laws dealing with crimes and the punishment of wrongdoers.






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