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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 written request initiating a civil suit.






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






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






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






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






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






7. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






8. 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.






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






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






11. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






13. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






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






16. 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.






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






18. Movable tangible personal property.






19. A decision of a court.






20. The person who executes any draft.






21. 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.






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






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






24. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






26. One that is incorporated in a foreign country.






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






28. Power to act for someone else.






29. Stock that entitles owner vote.






30. To take into police custody.






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






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






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






34. Court hearing cases appealed from lower courts.






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






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

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






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






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






40. The party to whom the assignment is made.






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






42. One in possession of commercial paper.






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






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






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






46. 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






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






48. Official document detailing a defendant's defense.






49. Laws which are enacted by legislative bodies.






50. Operates in the state that granted the charter.







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