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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. Charging a person with a crime and asking for that person's plea.






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






3. The individual who initiates a civil action.






4. Official document detailing a defendant's defense.






5. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






6. Power to act for someone else.






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






8. An agreement of no legal effect.






9. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






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






13. Court hearing cases appealed from lower courts.






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






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






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






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






18. 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.






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






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






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






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






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






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






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






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






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






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






29. 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).






30. The person who executes any draft.






31. A written request initiating a civil suit.






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






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






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






35. The act of transferring ownership of a negotiable instrument to another party.






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






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






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






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






40. 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.






41. A business owned by one person.






42. 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






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






44. Declared value of outstanding stock.






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






46. Canceling - annulling - avoiding.






47. Anything that may be owned.






48. The party who gives up possession - but not title - of property in a bailment.






49. 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.






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