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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. Anything that may be owned.






2. 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.






3. An expression of willingness to enter a contractual agreement.






4. 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.






5. 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.






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






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






8. Operates in the state that granted the charter.






9. Laws which seek to promote competition among businesses.






10. A person in possession of an instrument.






11. A corporation formed to carry out government functions.






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






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






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






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






16. 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.






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






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






19. Stock reacquired by a corporation.






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






21. 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






22. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






23. The goods specified by the buyer and seller.






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






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






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






27. That consideration stipulated by contract - generally expressed in money or money's worth.






28. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






30. 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.






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






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






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






34. A judicial order or decree forbidding the performance of a certain act.






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






36. 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






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






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






39. Having no words other than the signature of the endorser.






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






41. A written request initiating a civil suit.






42. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






43. A business owned by one person.






44. 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.






45. Canceling - annulling - avoiding.






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






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






48. The individual who initiates a civil action.






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






50. Laws which are enacted by legislative bodies.