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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 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.






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






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






4. The individual who initiates a civil action.






5. To take into police custody.






6. A decision of a court.






7. Anything that may be owned.






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






9. Having no words other than the signature of the endorser.






10. The person to whom an offer is made.






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






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






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






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






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






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






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






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






19. Movable tangible personal property.






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






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. 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.






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






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






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






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






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






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






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






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






31. An agreement of no legal effect.






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






33. One authorized by the principal to execute specific acts.






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






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






36. A corporation formed to carry out government functions.






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






38. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






40. Stock that entitles owner vote.






41. 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.






42. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






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






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






46. 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.






47. Power to act for someone else.






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






49. Stating an untrue fact.






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