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






2. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






4. 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.






5. A negotiable instrument containing a promise to pay.






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






7. Stock that entitles owner vote.






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






9. An endorsement which prevents the use of the instrument for anything except the stated use.






10. Movable tangible personal property.






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






12. One in possession of commercial paper.






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






14. The repudiation of - or election to avoid - a voidable contract.






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






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






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






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






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






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






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






22. 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






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






24. The goods specified by the buyer and seller.






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






26. Anything that may be owned.






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






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






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






30. Stating an untrue fact.






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






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






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






34. The person who executes any draft.






35. Laws which are enacted by legislative bodies.






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






37. Stock reacquired by a corporation.






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






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






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






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






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






43. Laws which seek to promote competition among businesses.






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






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






46. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






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






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






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