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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 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.






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






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






4. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






6. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






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






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






10. 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.






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






12. The party making the assignment.






13. 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.






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






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






16. One authorized by the principal to execute specific acts.






17. Power to act for someone else.






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






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






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






21. 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.






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






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

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






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






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






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






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






29. The person to whom an offer is made.






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






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






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






33. That consideration stipulated by contract - generally expressed in money or money's worth.






34. Designation that applies when a corporation operates in any state other __ than where it is chartered.






35. 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.






36. 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.






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






38. Stock reacquired by a corporation.






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






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






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






42. Stating an untrue fact.






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






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






45. A business owned by one person.






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






47. A negotiable instrument containing a promise to pay.






48. 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.






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






50. One who ships goods by common carrier.