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






2. A decision of a court.






3. A corporation formed to carry out government functions.






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






5. Laws dealing with crimes and the punishment of wrongdoers.






6. A written request initiating a civil suit.






7. Movable tangible personal property.






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






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






10. The repudiation of - or election to avoid - a voidable contract.






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






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






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






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






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






16. An agreement of no legal effect.






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






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






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






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






21. A judicial order or decree forbidding the performance of a certain act.






22. 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.






23. The person who executes any draft.






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






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






26. To take into police custody.






27. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






28. 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.






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






30. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






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






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






35. 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






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






37. One in possession of commercial paper.






38. Person not party to a contract - but whom parties intended to benefit.






39. The individual who initiates a civil action.






40. The person to whom an offer is made.






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






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






43. 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.






44. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






45. The person against whom legal action is brought. 1






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






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


48. Declared value of outstanding stock.






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






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