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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 designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






3. Stock with an assigned face vale.






4. An expression of willingness to enter a contractual agreement.






5. A party who appoints a second party to serve as an agent.






6. Stock reacquired by a corporation.






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






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






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






10. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






11. Laws which are enacted by legislative bodies.






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






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






14. A business owned by one person.






15. Stock that entitles owner vote.






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






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






18. An agreement of no legal effect.






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






20. To take into police custody.






21. 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.






22. The person to whom an offer is made.






23. An individual who takes no active part in the management of a business but has capital invested in the business.






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






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






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






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






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






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






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






31. 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.






32. 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.






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






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






35. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






36. Official document detailing a defendant's defense.






37. The contracting of services rather than goods.






38. Court hearing cases appealed from lower courts.






39. Anything that may be owned.






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






41. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






42. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






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






46. One in possession of commercial paper.






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






48. All property which is not real property.






49. A commercial paper payable to bearer; i.e. to the person having possession of such.






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