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






3. An agreement of no legal effect.






4. To take into police custody.






5. 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.






6. The party who initiates - or makes - an offer.






7. 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.






8. A business owned by one person.






9. Declared value of outstanding stock.






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






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






12. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






14. Official document detailing a defendant's defense.






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






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






17. Anything that may be owned.






18. Canceling - annulling - avoiding.






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






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






21. A corporation formed to carry out government functions.






22. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






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






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






26. 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






27. Stock that entitles owner vote.






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






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






30. The person to whom an offer is made.






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






32. A contract remedy by which the court requires the breaching party to perform the contract.






33. The person who executes any draft.






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






35. Partner unknown to public with no part in management.






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






37. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






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






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






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






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. One in possession of commercial paper.






45. 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.






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






47. The party to whom the assignment is made.






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






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






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