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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. Person who writes his or her name on back of instrument.






2. A business owned by one person.






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






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






5. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






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






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






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






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






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






13. All property which is not real property.






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






15. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






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






19. Laws which are enacted by legislative bodies.






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






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






22. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






25. Stating an untrue fact.






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






27. 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.






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






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






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






31. Stock reacquired by a corporation.






32. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






33. 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






34. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






35. One who takes initial steps to form corporation.






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






37. 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.






38. A corporation formed to carry out government functions.






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






40. A person in possession of an instrument.






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






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






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






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






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






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






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






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






50. 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.







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