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






2. Stock reacquired by a corporation.






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






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






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






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






7. Laws enacted by local municipalities.






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






9. A corporation formed to carry out government functions.






10. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law legal proceedings concerned with the rights of public citizens.






11. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






13. 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.






14. A decision of a court.






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






16. Power to act for someone else.






17. Laws which are enacted by legislative bodies.






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






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






20. 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.






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






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






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






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






25. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






28. 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.






29. An agreement of no legal effect.






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






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






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






33. 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






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






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






36. Canceling - annulling - avoiding.






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






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






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






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






41. Those contracts in which the terms have not been completely executed or fulfilled.






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






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






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






45. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






46. The individual who initiates a civil action.






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






48. The party to whom the assignment is made.






49. Stock with an assigned face vale.






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