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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 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.






2. Stock reacquired by a corporation.






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

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






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






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






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






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






9. A corporation formed to carry out government functions.






10. 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.






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






12. Stating an untrue fact.






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






14. Power to act for someone else.






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






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






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






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






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






20. One that is incorporated in a foreign country.






21. Any contract other than a formal contract - whether written - oral or implied.






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






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






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






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






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






27. Laws which seek to promote competition among businesses.






28. A written request initiating a civil suit.






29. One who takes initial steps to form corporation.






30. Exceeding the maximum rate of interest which may be charged on loans.






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






32. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






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






35. Canceling - annulling - avoiding.






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






37. The contracting of services rather than goods.






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






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






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






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






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






43. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






44. A document of conveyance that provides written evidence of one's title to tangible personal property.






45. To take into police custody.






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






47. 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.






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






49. 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.






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