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






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






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






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






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






6. A written request initiating a civil suit.






7. The person to whom an offer is made.






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

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9. A person in possession of an instrument.






10. One in possession of commercial paper.






11. 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






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






13. Operates in the state that granted the charter.






14. An endorsement which designates the particular person to whom payment is to be made.






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






16. Canceling - annulling - avoiding.






17. 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.






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






19. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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






22. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






24. 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.






25. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






26. An agreement of no legal effect.






27. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






28. Having no words other than the signature of the endorser.






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






30. One to whom goods are shipped by common carrier.






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






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






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






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






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






36. Movable tangible personal property.






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






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






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






40. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






42. Anything that may be owned.






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






44. The individual who initiates a civil action.






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






46. 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.






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






48. A negotiable instrument containing a promise to pay.






49. 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.






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