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






2. The person to whom an offer is made.






3. An endorsement which limits the liability of the endorser.






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






5. One that is incorporated in a foreign country.






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






7. Court hearing cases appealed from lower courts.






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






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






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






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






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






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






14. One who takes initial steps to form corporation.






15. The individual who initiates a civil action.






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






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






18. A negotiable instrument containing a promise to pay.






19. Stating an untrue fact.






20. The party to whom the assignment is made.






21. Official document detailing a defendant's defense.






22. Anything that may be owned.






23. A business owned by one person.






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






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






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






27. Laws enacted by local municipalities.






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






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






30. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






33. 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.






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






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






36. A decision of a court.






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






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






39. Those goods which are - at the time of the contract - in existence and owned by the seller.






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






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






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

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






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






45. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






46. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






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






50. A written request initiating a civil suit.