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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 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.






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






3. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






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






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






7. Laws which seek to promote competition among businesses.






8. The individual who initiates a civil action.






9. Those contracts in which the terms have not been completely executed or fulfilled.






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






11. 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.






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






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






14. Partner unknown to public with no part in management.






15. 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.






16. 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.






17. One who ships goods by common carrier.






18. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






20. 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).






21. One in possession of commercial paper.






22. To take into police custody.






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






24. Stock that entitles owner vote.






25. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






27. The person to whom an offer is made.






28. A business owned by one person.






29. 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.






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

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

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






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






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






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






36. The party making the assignment.






37. Canceling - annulling - avoiding.






38. 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.






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






40. 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






41. Anything that may be owned.






42. 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.






43. A written request initiating a civil suit.






44. Official document detailing a defendant's defense.






45. A negotiable instrument containing a promise to pay.






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






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






48. A person in possession of an instrument.






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






50. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.