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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. Laws which are enacted by legislative bodies.






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






3. Canceling - annulling - avoiding.






4. 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).






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






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






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






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






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






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






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






12. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






13. Court hearing cases appealed from lower courts.






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






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






16. A written request initiating a civil suit.






17. 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.






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






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






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






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






22. A business owned by one person.






23. 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.






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






25. Exceeding the maximum rate of interest which may be charged on loans.






26. All property which is not real property.






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






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






29. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






31. 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.






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






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






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






35. The change of one of the parties to a contract at the mutual agreement of the original parties.






36. A contract which will be enforced by the court.






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






38. 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.






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






40. A person in possession of an instrument.






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






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






43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






45. The person who executes a promissory note.






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






47. 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






48. 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.






49. One that is incorporated in a foreign country.






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







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