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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 reacquired by a corporation.






2. Stock that entitles owner vote.






3. 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.






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






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






6. A negotiable instrument containing a promise to pay.






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






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






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






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






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






12. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






15. 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.






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






17. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






19. 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.






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






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






22. A person in possession of an instrument.






23. 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.






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






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






26. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






27. To take into police custody.






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






29. Operates in the state that granted the charter.






30. Court hearing cases appealed from lower courts.






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






32. Confirming an act that was executed without authority or an act which was voidable.






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






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






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






36. A corporation formed to carry out government functions.






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






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






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






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






41. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






42. 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.






43. 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.






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






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






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






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






48. 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






49. One who ships goods by common carrier.






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