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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. One who ships goods by common carrier.






2. Stating an untrue fact.






3. One to whom goods are shipped by common carrier.






4. Laws which seek to promote competition among businesses.






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






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






7. Declared value of outstanding stock.






8. Laws which are enacted by legislative bodies.






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






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






11. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






13. Stock with an assigned face vale.






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






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






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






17. 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.






18. 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.






19. The necessity that the parties desiring to enter into contracts meet all requirements.






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






21. The person who executes any draft.






22. 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.






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






24. Stock that entitles owner vote.






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






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






27. 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.






28. 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.






29. Movable tangible personal property.






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






31. The individual who initiates a civil action.






32. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






35. Person not party to a contract - but whom parties intended to benefit.






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






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






38. A written request initiating a civil suit.






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






40. A person in possession of an instrument.






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






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






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






44. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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






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






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






48. One that is incorporated in a foreign country.






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






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







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