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






2. Stock reacquired by a corporation.






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






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






5. The person who executes a promissory note.






6. Stating an untrue fact.






7. Power to act for someone else.






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






9. Stock that entitles owner vote.






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






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






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






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






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






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






16. 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






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






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






19. 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.






20. 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.






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






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






23. A written request initiating a civil suit.






24. 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.






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






26. One in possession of commercial paper.






27. Court hearing cases appealed from lower courts.






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






29. One who takes initial steps to form corporation.






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






31. Laws enacted by local municipalities.






32. Official document detailing a defendant's defense.






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






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

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35. 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






36. A person in possession of an instrument.






37. To take into police custody.






38. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






39. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






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






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






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






44. 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.






45. Laws dealing with crimes and the punishment of wrongdoers.






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






47. 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.






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






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






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