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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. Operates in the state that granted the charter.






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






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






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






5. A business owned by one person.






6. A criminal offense that is punishable by confinement in prison or by death.






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






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






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






10. The goods specified by the buyer and seller.






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






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






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






14. The individual who initiates a civil action.






15. Stating an untrue fact.






16. Any contract other than a formal contract - whether written - oral or implied.






17. Person not party to a contract - but whom parties intended to benefit.






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






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






20. Laws which are enacted by legislative bodies.






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






22. The person who executes any draft.






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






24. 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).






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






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






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






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






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






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






31. 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.






32. The party who acquires possession but not the title of personal property in a bailment.






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






34. Having no words other than the signature of the endorser.






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






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






37. Court hearing cases appealed from lower courts.






38. The signature or statement of purpose by the owner on the back of the instrument.






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






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






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






42. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






43. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






44. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






45. The person who executes a promissory note.






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






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






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






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






50. Power to act for someone else.






Can you answer 50 questions in 15 minutes?



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