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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 judicial order or decree forbidding the performance of a certain act.






2. A written request initiating a civil suit.






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






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






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






6. Canceling - annulling - avoiding.






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






8. 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.






9. Partner unknown to public with no part in management.






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






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






12. Power to act for someone else.






13. Stock reacquired by a corporation.






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






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

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






17. Stating an untrue fact.






18. To take into police custody.






19. A criminal offense which is neither treason nor a felony.






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






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






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






23. A person in possession of an instrument.






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






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






26. Official document detailing a defendant's defense.






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






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






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






30. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






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






33. A negotiable instrument containing a promise to pay.






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






35. 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).






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






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






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






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






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






41. The individual who initiates a civil action.






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






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






44. Charging a person with a crime and asking for that person's plea.






45. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






47. A corporation formed to carry out government functions.






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






49. Movable tangible personal property.






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