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






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






3. The individual who initiates a civil action.






4. Partner unknown to public with no part in management.






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






6. A negotiable instrument containing a promise to pay.






7. A person in possession of an instrument.






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






9. The contracting of services rather than goods.






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






11. Power to act for someone else.






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






13. An offense which is injurious to society as a whole.






14. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






15. A business owned by one person.






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






17. Stock that entitles owner vote.






18. One in possession of commercial paper.






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






20. The person - company - or financial institution ordered to pay a draft.






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






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






23. A check drawn on a bank's own funds and signed by a responsible bank official.

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24. Court hearing cases appealed from lower courts.






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






26. 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






27. An agreement of no legal effect.






28. The person to whom an offer is made.






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






30. A written request initiating a civil suit.






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






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






33. A law that restricts the period of time within which an action may be brought to court.






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






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






36. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






38. Laws which are enacted by legislative bodies.






39. 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.






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






41. One who ships goods by common carrier.






42. 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.






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






44. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






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






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






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






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






50. 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.