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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 agreement of no legal effect.






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






3. That which the promisor demands and receives as the price for a promise.






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






5. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






8. Stock with an assigned face vale.






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






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






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






12. A corporation formed to carry out government functions.






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






14. Pretrial steps taken to learn the details of the case.






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






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






17. Courts that conduct the original trial and render their decision.






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






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






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






21. One in possession of commercial paper.






22. Anything that may be owned.






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






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






25. The person who executes a promissory note.






26. The party to whom any negotiable instrument is made payable.






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






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






29. Court hearing cases appealed from lower courts.






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






31. Stock that entitles owner vote.






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






33. 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.






34. One who takes initial steps to form corporation.






35. The party to whom the assignment is made.






36. A person in possession of an instrument.






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






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






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






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






41. Laws which seek to promote competition among businesses.






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






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






44. 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.






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






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






47. Canceling - annulling - avoiding.






48. A corporation formed by individuals to form some non-governmental function.






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






50. 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.