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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. Stock with an assigned face vale.






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






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






4. The person to whom an offer is made.






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






6. One that is incorporated in a foreign country.






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






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






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






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






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






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






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






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






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






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






18. Stock that entitles owner vote.






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






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






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






22. 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.






23. 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.






24. To take into police custody.






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






26. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






27. Power to act for someone else.






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






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






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






31. Canceling - annulling - avoiding.






32. The act of transferring ownership of a negotiable instrument to another party.






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






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






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






36. Stating an untrue fact.






37. A corporation formed to carry out government functions.






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






39. Laws which are enacted by legislative bodies.






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






41. An agreement of no legal effect.






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






43. 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






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






45. Improper influence that is asserted by one dominant person over another - without the threat or harm.






46. The contracting of services rather than goods.






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






48. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






49. The person who executes a promissory note.






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