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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 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.






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






3. One who takes initial steps to form corporation.






4. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






6. 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.






7. A criminal offense that is punishable by confinement in prison or by death.






8. Power to act for someone else.






9. A decision of a court.






10. Stock with an assigned face vale.






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






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






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






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






15. 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.






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






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






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






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






20. 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.






21. A check drawn on a bank's own funds and signed by a responsible bank official.

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






23. Laws dealing with crimes and the punishment of wrongdoers.






24. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






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






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

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28. 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.






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






30. An agreement of no legal effect.






31. Laws which are enacted by legislative bodies.






32. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






33. A written request initiating a civil suit.






34. A corporation formed to carry out government functions.






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






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






37. Anything that may be owned.






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






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






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






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






42. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






44. One authorized by the principal to execute specific acts.






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






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






47. A business owned by one person.






48. The person to whom an offer is made.






49. Canceling - annulling - avoiding.






50. An endorsement which prevents the use of the instrument for anything except the stated use.