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






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






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






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






5. Stock that entitles owner vote.






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






7. A corporation formed to carry out government functions.






8. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






11. A business owned by one person.






12. Operates in the state that granted the charter.






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






14. 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.






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






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






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






18. 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






19. Movable tangible personal property.






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






21. 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.






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






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






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






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






26. Laws which are enacted by legislative bodies.






27. 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






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

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29. The party making the assignment.






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






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






32. A written request initiating a civil suit.






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






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






35. 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






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






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






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






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






40. Laws dealing with crimes and the punishment of wrongdoers.






41. Power to act for someone else.






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






43. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






44. Official document detailing a defendant's defense.






45. An agreement which is not in the form required by law.






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






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






48. 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.






49. One who ships goods by common carrier.






50. A decision of a court.