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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 criminal offense which is neither treason nor a felony.






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






3. Power to act for someone else.






4. 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.






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






6. A body of persons elected by the stockholders to define and establish corporate policy.






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






8. Laws which seek to promote competition among businesses.






9. The act of transferring ownership of a negotiable instrument to another party.






10. 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






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






12. Canceling - annulling - avoiding.






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






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






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






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






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






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






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






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






21. To take into police custody.






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






23. The goods specified by the buyer and seller.






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






25. 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.






26. The person who executes a promissory note.






27. 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.






28. Any contract other than a formal contract - whether written - oral or implied.






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






30. 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.






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






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






33. The party to whom any negotiable instrument is made payable.






34. An agreement of no legal effect.






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






36. The party to whom the assignment is made.






37. The person to whom an offer is made.






38. Stock reacquired by a corporation.






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






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






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






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






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






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






45. Court hearing cases appealed from lower courts.






46. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






47. The individual who initiates a civil action.






48. The change of one of the parties to a contract at the mutual agreement of the original parties.






49. A negotiable instrument containing a promise to pay.






50. One that is incorporated in a foreign country.