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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 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.






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






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






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






5. Confirming an act that was executed without authority or an act which was voidable.






6. One who ships goods by common carrier.






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






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






9. A corporation formed to carry out government functions.






10. 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.






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






12. All property which is not real property.






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






14. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






15. Declared value of outstanding stock.






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






17. The person to whom an offer is made.






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






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






20. A party who appoints a second party to serve as an agent.






21. A person in possession of an instrument.






22. The person who executes any draft.






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






24. 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.






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






26. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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

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






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






30. The repudiation of - or election to avoid - a voidable contract.






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






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






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






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






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






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






37. A corporation formed by individuals to form some non-governmental function.






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






39. One in possession of commercial paper.






40. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






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






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






43. A written request initiating a civil suit.






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






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






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






47. Official document detailing a defendant's defense.






48. The person who executes a promissory note.






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






50. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.