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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. 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






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






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






4. 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






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






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


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






8. The change of one of the parties to a contract at the mutual agreement of the original parties.






9. 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.






10. Laws enacted by local municipalities.






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






12. Stock that entitles owner vote.






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






14. One in possession of commercial paper.






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






16. Customs that have become recognized by the courts as binding on the community.






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






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






19. The party making the assignment.






20. 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.






21. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






22. Movable tangible personal property.






23. A written request initiating a civil suit.






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






25. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






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






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






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






30. 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).






31. 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.






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






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






34. Laws which seek to promote competition among businesses.






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. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






37. An agreement of no legal effect.






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






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






40. Canceling - annulling - avoiding.






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






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






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






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






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






46. All property which is not real property.






47. 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.






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






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






50. One who ships goods by common carrier.