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






2. The party making the assignment.






3. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






4. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






6. A business owned by one person.






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






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






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






10. The individual who initiates a civil action.






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






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






13. An agreement between two or more competent persons which is enforceable by law.






14. 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






15. The authority of an agent - stated in the document or agreement creating the agency.






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






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






18. The transfer of title to goods from the seller to the buyer for a consideration called the price.






19. Stating an untrue fact.






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






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






22. 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.






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






24. Official document detailing a defendant's defense.






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






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






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






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

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






30. Movable tangible personal property.






31. 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.






32. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






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






36. 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.






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






38. 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.






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






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






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






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






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






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






45. Anything that may be owned.






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






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






48. 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.






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






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