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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 means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






2. 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.






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






4. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






5. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






7. Declared value of outstanding stock.






8. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






9. An agreement of no legal effect.






10. To take into police custody.






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






12. An agreement to an offer resulting in a contract.






13. Stating an untrue fact.






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






15. 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.






16. An endorsement which limits the liability of the endorser.






17. 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.






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






19. A business owned by one person.






20. Those contracts in which the terms have not been completely executed or fulfilled.






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






22. An individual who takes no active part in the management of a business but has capital invested in the business.






23. Stock with an assigned face vale.






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






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






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






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






28. 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.






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






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






31. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






32. One in possession of commercial paper.






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






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






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






36. 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.






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






38. One who ships goods by common carrier.






39. Laws which seek to promote competition among businesses.






40. Court hearing cases appealed from lower courts.






41. The contract existing between the consignor (shipper) and the carrier.






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






43. Land and those objects permanently attached to land. Rejection refusal to accept.






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






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






46. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






48. 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






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






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