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






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






3. 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






4. The authority of an agent - stated in the document or agreement creating the agency.






5. 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






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

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7. 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.






8. One who takes initial steps to form corporation.






9. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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






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






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






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






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






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






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






18. Stock with an assigned face vale.






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






20. An agreement of no legal effect.






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






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






23. The party to whom any negotiable instrument is made payable.






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






25. The person who executes any draft.






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






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






28. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






30. The party making the assignment.






31. 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.






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






33. The person who executes a promissory note.






34. Power to act for someone else.






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






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






37. A business owned by one person.






38. Laws enacted by local municipalities.






39. The individual who initiates a civil action.






40. Laws which seek to promote competition among businesses.






41. A corporation formed to carry out government functions.






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






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






44. The party who initiates - or makes - an offer.






45. A written request initiating a civil suit.






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






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






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






49. A decision of a court.






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