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






2. Confirming an act that was executed without authority or an act which was voidable.






3. The contracting of services rather than goods.






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

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5. To take into police custody.






6. Stating an untrue fact.






7. Laws enacted by local municipalities.






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






9. 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.






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






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






12. A corporation formed to carry out government functions.






13. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






14. The goods specified by the buyer and seller.






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






16. A commercial paper payable to bearer; i.e. to the person having possession of such.






17. One who takes initial steps to form corporation.






18. An individual actively and openly engaged in the business and held out to everyone as a partner.






19. A corporation formed by individuals to form some non-governmental function.






20. 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.






21. Movable tangible personal property.






22. Operates in the state that granted the charter.






23. Stock with an assigned face vale.






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






25. Canceling - annulling - avoiding.






26. Stock that entitles owner vote.






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






28. Declared value of outstanding stock.






29. Laws which are enacted by legislative bodies.






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






31. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






32. A business owned by one person.






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






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






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






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






37. That which the promisor demands and receives as the price for a promise.






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






39. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






41. 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.






42. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






43. 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.






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






45. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






46. Power to act for someone else.






47. Court hearing cases appealed from lower courts.






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






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






50. One in possession of commercial paper.