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






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






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






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






5. Laws which seek to promote competition among businesses.






6. The goods specified by the buyer and seller.






7. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






8. Canceling - annulling - avoiding.






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






10. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






11. 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.






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






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






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






15. 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.






16. A person in possession of an instrument.






17. 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.






18. An endorsement which designates the particular person to whom payment is to be made.






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






20. A written request initiating a civil suit.






21. 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.






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






23. The person who executes any draft.






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






25. A written request initiating a civil suit.






26. One in possession of commercial paper.






27. The party to whom the assignment is made.






28. Power to act for someone else.






29. Stock that entitles owner vote.






30. Customs that have become recognized by the courts as binding on the community.






31. A check drawn on a bank's own funds and signed by a responsible bank official.

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






33. The party making the assignment.






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






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






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






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






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






39. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






40. Person who writes his or her name on back of instrument.






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






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






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






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






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






46. An agreement which is not in the form required by law.






47. A negotiable instrument containing a promise to pay.






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






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






50. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).