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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. A negotiable instrument containing a promise to pay.






2. An award paid to the injured party to cover the exact amount of their loss - but no more.






3. The person to whom an offer is made.






4. 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.






5. To take into police custody.






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

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






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






9. 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.






10. Laws enacted by local municipalities.






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






12. The contracting of services rather than goods.






13. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






14. An agreement of no legal effect.






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






16. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






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






20. A written request initiating a civil suit.






21. An agreement to an offer resulting in a contract.






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






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






24. Anything that may be owned.






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






26. Those contracts that must be in special form or produced in a certain way - such as under seal.






27. The party making the assignment.






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






29. The person who executes a promissory note.






30. 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.






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






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






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






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






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






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






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






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






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






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






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






42. 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






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






44. 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






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






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






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






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






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






50. 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.