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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. Laws which seek to promote competition among businesses.






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






3. The goods specified by the buyer and seller.






4. 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.






5. The party to whom the assignment is made.






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






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






8. The individual who initiates a civil action.






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






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






11. The change of one of the parties to a contract at the mutual agreement of the original parties.






12. 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.






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






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






15. An agreement made and executed in satisfaction of the rights one has from a previous contract.






16. To take into police custody.






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






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






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






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






21. 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






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






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






24. 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.






25. An agreement of no legal effect.






26. Those contracts in which the terms have not been completely executed or fulfilled.






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






28. A person in possession of an instrument.






29. One that is incorporated in a foreign country.






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






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






32. The annulment or cancellation of an instrument - act or promise by one doing or making it.






33. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






36. 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.






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






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






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






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

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






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






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






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






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






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






47. Stock with an assigned face vale.






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






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






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

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