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






2. The goods specified by the buyer and seller.






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






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






5. 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.






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






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






8. Laws which seek to promote competition among businesses.






9. 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






10. 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.






11. The contracting of services rather than goods.






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






13. Stating an untrue fact.






14. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






16. One that is incorporated in a foreign country.






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






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






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






20. The party making the assignment.






21. 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.






22. The party who initiates - or makes - an offer.






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






24. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






25. Court hearing cases appealed from lower courts.






26. The individual who initiates a civil action.






27. The party to whom the assignment is made.






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






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






30. 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.






31. A negotiable instrument containing a promise to pay.






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






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






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






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






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






37. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






38. One who takes initial steps to form corporation.






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






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






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






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






43. A corporation formed to carry out government functions.






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






45. Movable tangible personal property.






46. 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.






47. Customs that have become recognized by the courts as binding on the community.






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






49. 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.






50. The act of transferring ownership of a negotiable instrument to another party.