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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 written request initiating a civil suit.






2. A decision of a court.






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






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






5. Court hearing cases appealed from lower courts.






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






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






8. Declared value of outstanding stock.






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






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






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






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






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






14. A business owned by one person.






15. A written request initiating a civil suit.






16. Power to act for someone else.






17. A negotiable instrument containing a promise to pay.






18. A person in possession of an instrument.






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






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






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






22. 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.






23. Operates in the state that granted the charter.






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






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






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






27. One in possession of commercial paper.






28. To take into police custody.






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






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






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






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






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






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






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






36. 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.






37. Canceling - annulling - avoiding.






38. 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






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






40. Anything that may be owned.






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






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






43. An agreement of no legal effect.






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






45. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






47. A corporation formed to carry out government functions.






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






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






50. The party to whom the assignment is made.