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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 decision of a court.






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






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






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






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






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






7. 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.






8. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






11. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






12. 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.






13. A corporation formed to carry out government functions.






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






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






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






17. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






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






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






22. An agreement of no legal effect.






23. 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.






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






25. The person against whom legal action is brought. 1






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






27. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






28. Anything that may be owned.






29. Stock that entitles owner vote.






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






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






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






33. The individual who initiates a civil action.






34. Laws which are enacted by legislative bodies.






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






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






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






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






39. All property which is not real property.






40. Power to act for someone else.






41. The person who executes any draft.






42. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






44. Designation that applies when a corporation operates in any state other __ than where it is chartered.






45. Laws enacted by local municipalities.






46. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






49. One who ships goods by common carrier.






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