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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. Declared value of outstanding stock.






2. The goods specified by the buyer and seller.






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






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






5. An endorsement which limits the liability of the endorser.






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






7. A commercial paper payable to bearer; i.e. to the person having possession of such.






8. Confirming an act that was executed without authority or an act which was voidable.






9. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






11. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






12. 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.






13. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






14. 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.






15. The party to whom the assignment is made.






16. Operates in the state that granted the charter.






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






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






19. An agreement of no legal effect.






20. A decision of a court.






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






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






23. Stating an untrue fact.






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






25. The individual who initiates a civil action.






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






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






28. A business owned by one person.






29. One in possession of commercial paper.






30. Court hearing cases appealed from lower courts.






31. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






32. The necessity that the parties desiring to enter into contracts meet all requirements.






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






34. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






35. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






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






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






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






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






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. Power to act for someone else.






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






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






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






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






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






49. 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






50. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.