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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. Laws which seek to promote competition among businesses.






2. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






3. A decision of a court.






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






5. 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.






6. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






8. The individual who initiates a civil action.






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






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






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






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






13. 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.






14. 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.






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






16. 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.






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






18. 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






19. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






22. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






25. 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.






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






27. 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.






28. 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.






29. A business owned by one person.






30. Laws which are enacted by legislative bodies.






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






32. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






34. Stock with an assigned face vale.






35. Movable tangible personal property.






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






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






38. 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.






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






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






41. The person to whom an offer is made.






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






43. 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.






44. Anything that may be owned.






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






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






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






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






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






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

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