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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. One to whom goods are shipped by common carrier.






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






3. One in possession of commercial paper.






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






5. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






7. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






8. 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.






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






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






11. A written request initiating a civil suit.






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






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






14. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






17. Official document detailing a defendant's defense.






18. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






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






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






23. The person to whom an offer is made.






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






25. The person who executes any draft.






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






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






28. 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.






29. A corporation formed to carry out government functions.






30. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






31. Movable tangible personal property.






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






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






34. The party making the assignment.






35. Laws enacted by local municipalities.






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






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






38. Declared value of outstanding stock.






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






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






41. 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.






42. 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.






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






44. 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.






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






46. Customs that have become recognized by the courts as binding on the community.






47. 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.






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






49. A check drawn on a bank's own funds and signed by a responsible bank official.

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