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






2. 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.






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






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






5. Laws which seek to promote competition among businesses.






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






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






8. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






9. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






10. The person to whom an offer is made.






11. The party who acquires possession but not the title of personal property in a bailment.






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






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






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






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






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






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






18. All property which is not real property.






19. The party to whom the assignment is made.






20. Movable tangible personal property.






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






22. An endorsement which prevents the use of the instrument for anything except the stated use.






23. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






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






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






30. 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.






31. 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.






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






33. Those contracts that must be in special form or produced in a certain way - such as under seal.






34. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






35. Power to act for someone else.






36. Stock with an assigned face vale.






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






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






39. Anything that may be owned.






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






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






42. One in possession of commercial paper.






43. One who takes initial steps to form corporation.






44. The person who executes a promissory note.






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






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






47. 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.






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






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






50. Those goods which are not in existence at the time a contract is agreed to.