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






2. 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.






3. A corporation formed to carry out government functions.






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






5. The individual who initiates a civil action.






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






7. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






11. 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.






12. Laws enacted by local municipalities.






13. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






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






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






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






18. 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.






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






20. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






22. A written request initiating a civil suit.






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






24. A business owned by one person.






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






26. 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.






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






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






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






30. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






33. 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.






34. One who ships goods by common carrier.






35. 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.






36. Anything that may be owned.






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






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






39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






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






43. Movable tangible personal property.






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






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

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46. The act of transferring ownership of a negotiable instrument to another party.






47. The person against whom legal action is brought. 1






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






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






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