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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 expression of willingness to enter a contractual agreement.






2. Canceling - annulling - avoiding.






3. One who ships goods by common carrier.






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






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






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






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






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






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






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






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






12. Exceeding the maximum rate of interest which may be charged on loans.






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






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






15. A law that restricts the period of time within which an action may be brought to court.






16. 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.






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






18. Stock with an assigned face vale.






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






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






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






22. One who takes initial steps to form corporation.






23. A decision of a court.






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






25. 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.






26. The goods specified by the buyer and seller.






27. One in possession of commercial paper.






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






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






30. The party making the assignment.






31. Stock reacquired by a corporation.






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






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






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






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






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






37. 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






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






39. 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.






40. A written request initiating a civil suit.






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






42. 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.






43. An agent's authority to do things not specifically authorized in order to carry out express authority.






44. A corporation formed to carry out government functions.






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






46. 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.






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






48. 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.






49. Stock that entitles owner vote.






50. To take into police custody.