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






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






3. An individual who takes no active part in the management of a business but has capital invested in the business.






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






5. 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.






6. Operates in the state that granted the charter.






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






8. One who ships goods by common carrier.






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






10. Declared value of outstanding stock.






11. The person to whom an offer is made.






12. Stock that entitles owner vote.






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






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






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






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






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






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






19. 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






20. The party who initiates - or makes - an offer.






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






22. 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.






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






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






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






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






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






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






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






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






32. A written request initiating a civil suit.






33. One in which terms of the contract are implied by acts or conduct of the '_ parties.






34. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






36. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






37. The person who executes a promissory note.






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






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






40. Laws which are enacted by legislative bodies.






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






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






43. 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.






44. 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.






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






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






47. 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.






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






49. A business owned by one person.






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