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






2. A relationship of trust and confidence - such as that which exists between partners in a partnership.






3. Laws which seek to promote competition among businesses.






4. One who ships goods by common carrier.






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






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






7. Power to act for someone else.






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






9. 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.






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






11. A person in possession of an instrument.






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






13. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






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






16. Laws which are enacted by legislative bodies.






17. A negotiable instrument containing a promise to pay.






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






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






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






21. One that is incorporated in a foreign country.






22. 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.






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






24. The party making the assignment.






25. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






26. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






31. 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.






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






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






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






35. 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.






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






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






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






39. 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.






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






41. One to whom goods are shipped by common carrier.






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






43. A written request initiating a civil suit.






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






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






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






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






48. An agreement of no legal effect.






49. A corporation formed to carry out government functions.






50. Official document detailing a defendant's defense.