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






2. The party making the assignment.






3. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






5. A law that restricts the period of time within which an action may be brought to court.






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






7. The person who executes any draft.






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






9. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






11. The person who executes a promissory note.






12. Official document detailing a defendant's defense.






13. A means whereby one party conveys rights to another person who is not a party to the original contract.






14. 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.






15. One who takes initial steps to form corporation.






16. A decision of a court.






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






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






19. Exceeding the maximum rate of interest which may be charged on loans.






20. Stock that entitles owner vote.






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






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






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






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






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






26. The party who gives up possession - but not title - of property in a bailment.






27. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






30. A written request initiating a civil suit.






31. A criminal offense that is punishable by confinement in prison or by death.






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






33. A contract which will be enforced by the court.






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






35. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






36. Stating an untrue fact.






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






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






39. 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.






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






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






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






43. Court hearing cases appealed from lower courts.






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






45. 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.






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






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






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






49. The party who acquires possession but not the title of personal property in a bailment.






50. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.