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






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






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






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






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






6. An agreement which is not in the form required by law.






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






8. 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.






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






10. Court hearing cases appealed from lower courts.






11. One in possession of commercial paper.






12. The contracting of services rather than goods.






13. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






14. The person who executes any draft.






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






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






17. Those contracts that must be in special form or produced in a certain way - such as under seal.






18. Anything that may be owned.






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






20. Stock that entitles owner vote.






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






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






23. 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.






24. 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.






25. Official document detailing a defendant's defense.






26. Canceling - annulling - avoiding.






27. 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.






28. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






29. Operates in the state that granted the charter.






30. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






32. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






34. A contract remedy by which the court requires the breaching party to perform the contract.






35. A written request initiating a civil suit.






36. 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.






37. Movable tangible personal property.






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






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






40. Pretrial steps taken to learn the details of the case.






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






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






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






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






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






46. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






47. Laws which are enacted by legislative bodies.






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






49. The person to whom an offer is made.






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