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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 goods specified by the buyer and seller.






2. One that is incorporated in a foreign country.






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






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






5. Official document detailing a defendant's defense.






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






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






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






9. 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.






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






11. Laws which seek to promote competition among businesses.






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






13. The party who acquires possession but not the title of personal property in a bailment.






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






15. Power to act for someone else.






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






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






18. A judicial order or decree forbidding the performance of a certain act.






19. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






20. The party making the assignment.






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






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






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






24. Stock reacquired by a corporation.






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






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






27. One authorized by the principal to execute specific acts.






28. The person who executes a promissory note.






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






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






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






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






33. A written request initiating a civil suit.






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






35. An agreement which is not in the form required by law.






36. Court hearing cases appealed from lower courts.






37. 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.






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






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






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






41. A business owned by one person.






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






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






44. Stock that entitles owner vote.






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






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






47. Declared value of outstanding stock.






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






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






50. Those contracts that must be in special form or produced in a certain way - such as under seal.







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Can you answer 50 questions in 15 minutes?


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