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






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






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






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






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






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






7. 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.






8. 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.






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






10. A negotiable instrument containing a promise to pay.






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






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


13. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






14. All property which is not real property.






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






16. The party who acquires possession but not the title of personal property in a bailment.






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






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






19. Official document detailing a defendant's defense.






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






21. 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.






22. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






24. The goods specified by the buyer and seller.






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






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






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






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






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






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






31. One in possession of commercial paper.






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






33. Person who writes his or her name on back of instrument.






34. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






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






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






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






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






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






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






44. Stock with an assigned face vale.






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






46. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






47. Laws which seek to promote competition among businesses.






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






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






50. A decision of a court.