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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. Stock that entitles owner vote.






2. The individual who initiates a civil action.






3. The contracting of services rather than goods.






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






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






6. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






8. Customs that have become recognized by the courts as binding on the community.






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






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






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






12. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






13. A corporation formed to carry out government functions.






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






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






16. 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.






17. The party making the assignment.






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






19. A written request initiating a civil suit.






20. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






23. 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.






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






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






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






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






28. 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.






29. The party to whom the assignment is made.






30. Movable tangible personal property.






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






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






33. Power to act for someone else.






34. All property which is not real property.






35. Exceeding the maximum rate of interest which may be charged on loans.






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






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






38. An expression of willingness to enter a contractual agreement.






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






40. 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.






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






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






43. To take into police custody.






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






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






46. Stock reacquired by a corporation.






47. One in possession of commercial paper.






48. An agreement of no legal effect.






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






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