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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 repudiation of - or election to avoid - a voidable contract.






2. 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.






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






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






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






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






7. Court hearing cases appealed from lower courts.






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






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






10. 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).






11. 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.






12. A corporation formed to carry out government functions.






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






14. 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.






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






16. 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.






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






18. Laws enacted by local municipalities.






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






20. One who ships goods by common carrier.






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






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






23. 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.






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






25. 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.






26. The individual who initiates a civil action.






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






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






29. 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






30. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






31. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






32. Canceling - annulling - avoiding.






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






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






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






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






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






38. One who takes initial steps to form corporation.






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






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






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






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






43. The party making the assignment.






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






45. An agreement of no legal effect.






46. Official document detailing a defendant's defense.






47. One in possession of commercial paper.






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






49. To take into police custody.






50. Stock reacquired by a corporation.