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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 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.






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






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






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






5. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






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






8. 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.






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






10. 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.






11. A negotiable instrument containing a promise to pay.






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






13. 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






14. The party who initiates - or makes - an offer.






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






16. A check drawn on a bank's own funds and signed by a responsible bank official.

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






18. 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






19. A decision of a court.






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






21. Anything that may be owned.






22. Court hearing cases appealed from lower courts.






23. 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.






24. An agreement of no legal effect.






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






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






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






28. Canceling - annulling - avoiding.






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






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






31. A corporation formed to carry out government functions.






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






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






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






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






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






37. Laws enacted by local municipalities.






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






39. 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.






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






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






42. The person who executes any draft.






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






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






45. All property which is not real property.






46. The person - company - or financial institution ordered to pay a draft.






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






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






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






50. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.