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






2. The person to whom an offer is made.






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






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






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






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






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






8. Operates in the state that granted the charter.






9. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






10. All property which is not real property.






11. One who ships goods by common carrier.






12. A law that restricts the period of time within which an action may be brought to court.






13. The party to whom the assignment is made.






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






15. A person in possession of an instrument.






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






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






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






19. 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.






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






21. 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.






22. A written request initiating a civil suit.






23. Stock that entitles owner vote.






24. Court hearing cases appealed from lower courts.






25. A written request initiating a civil suit.






26. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






27. 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.






28. The person who executes any draft.






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






30. The person who executes a promissory note.






31. A corporation formed to carry out government functions.






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






33. One who takes initial steps to form corporation.






34. A business owned by one person.






35. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






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






39. To take into police custody.






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






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






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






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






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


45. 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.






46. 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.






47. 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.






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






49. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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