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






2. The party to whom the assignment is made.






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






4. The goods specified by the buyer and seller.






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






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






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






8. 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.






9. Laws which are enacted by legislative bodies.






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






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






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






13. The annulment or cancellation of an instrument - act or promise by one doing or making it.






14. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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15. Declared value of outstanding stock.






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






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






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






19. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






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






21. The person to whom an offer is made.






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






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






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






25. To take into police custody.






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






27. Court hearing cases appealed from lower courts.






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






29. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






31. Stock reacquired by a corporation.






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






33. The person who executes a promissory note.






34. That which the promisor demands and receives as the price for a promise.






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






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






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






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






39. Canceling - annulling - avoiding.






40. The party who gives up possession - but not title - of property in a bailment.






41. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






42. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






43. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






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






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






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






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






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






50. A written request initiating a civil suit.