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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 relationship of trust and confidence - such as that which exists between partners in a partnership.






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






3. A business owned by one person.






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






5. Anything that may be owned.






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






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






8. 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.






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






10. The person against whom legal action is brought. 1






11. A negotiable instrument containing a promise to pay.






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






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






14. 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.






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






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






17. A decision of a court.






18. The individual who initiates a civil action.






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






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






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






22. 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






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






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






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






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






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






28. Official document detailing a defendant's defense.






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






30. Those goods which are - at the time of the contract - in existence and owned by the seller.






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






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






33. 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.






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






35. The person who executes a promissory note.






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






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






38. Laws enacted by local municipalities.






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






40. The party making the assignment.






41. 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.






42. The contracting of services rather than goods.






43. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






44. To take into police custody.






45. Stating an untrue fact.






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






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






48. The person to whom an offer is made.






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






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