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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. Declared value of outstanding stock.






2. Canceling - annulling - avoiding.






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






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






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






6. Stock giving special advantage as to payment of dividends - upon liquidation or both.






7. Operates in the state that granted the charter.






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






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






10. Exceeding the maximum rate of interest which may be charged on loans.






11. Those goods which are not in existence at the time a contract is agreed to.






12. Power to act for someone else.






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






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






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






16. Stock with an assigned face vale.






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






18. A decision of a court.






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






20. Stock reacquired by a corporation.






21. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






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






24. A negotiable instrument containing a promise to pay.






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






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






27. A written request initiating a civil suit.






28. All property which is not real property.






29. The person to whom an offer is made.






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






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






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






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






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






35. Movable tangible personal property.






36. 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.






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






38. The signature or statement of purpose by the owner on the back of the instrument.






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






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






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






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






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






44. An agreement of no legal effect.






45. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






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






49. The individual who initiates a civil action.






50. The contracting of services rather than goods.