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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. An agreement of no legal effect.






2. 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.






3. The authority of an agent - stated in the document or agreement creating the agency.






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






5. All property which is not real property.






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

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






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






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






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






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






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






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






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






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






16. Operates in the state that granted the charter.






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






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






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






20. Stock that entitles owner vote.






21. The party making the assignment.






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






23. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






24. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






25. A criminal offense which is neither treason nor a felony.






26. Anything that may be owned.






27. 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.






28. 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).






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






30. 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.






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






32. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






35. A written request initiating a civil suit.






36. Court hearing cases appealed from lower courts.






37. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






38. 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






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






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






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






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






43. Stock with an assigned face vale.






44. The act of transferring ownership of a negotiable instrument to another party.






45. One who takes initial steps to form corporation.






46. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






47. One in possession of commercial paper.






48. Declared value of outstanding stock.






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






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