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






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






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






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






5. 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.






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






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






8. 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.






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

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10. 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






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






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






13. The party making the assignment.






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






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






16. A person in possession of an instrument.






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






18. Land and those objects permanently attached to land. Rejection refusal to accept.






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






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






21. Official document detailing a defendant's defense.






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






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






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






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






26. 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.






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






28. To take into police custody.






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






30. One who ships goods by common carrier.






31. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






32. An agreement of no legal effect.






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






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






35. One who takes initial steps to form corporation.






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






37. Operates in the state that granted the charter.






38. 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.






39. 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.






40. The party to whom the assignment is made.






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






42. 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.






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






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






45. The party who acquires possession but not the title of personal property in a bailment.






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






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






48. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






49. One in which terms of the contract are implied by acts or conduct of the '_ parties.






50. A business owned by one person.







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