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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. The person - company - or financial institution ordered to pay a draft.






2. The transfer of title to goods from the seller to the buyer for a consideration called the price.






3. Laws which seek to promote competition among businesses.






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






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






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






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






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






9. 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.






10. An agreement of no legal effect.






11. The person to whom an offer is made.






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






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






14. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






15. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






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






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






20. 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.






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






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






23. The party to whom the assignment is made.






24. The contracting of services rather than goods.






25. 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.






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






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






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






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






30. A negotiable instrument containing a promise to pay.






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






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






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






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






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






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






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






38. Official document detailing a defendant's defense.






39. Court hearing cases appealed from lower courts.






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






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






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






43. A decision of a court.






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






45. Laws which are enacted by legislative bodies.






46. 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.






47. Stock reacquired by a corporation.






48. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






50. 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.