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






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






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






4. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






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






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






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






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






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






11. 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.






12. The authority of an agent - stated in the document or agreement creating the agency.






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






14. Power to act for someone else.






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






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






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






18. 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.






19. 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.






20. A written request initiating a civil suit.






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






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






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






24. To take into police custody.






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






26. Operates in the state that granted the charter.






27. All property which is not real property.






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






29. A corporation formed by individuals to form some non-governmental function.






30. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






31. Stock reacquired by a corporation.






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






33. A document of conveyance that provides written evidence of one's title to tangible personal property.






34. The individual who initiates a civil action.






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






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






37. 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.






38. One that is incorporated in a foreign country.






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






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






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






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






43. An endorsement which designates the particular person to whom payment is to be made.






44. A person in possession of an instrument.






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






46. Laws which are enacted by legislative bodies.






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






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






49. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






50. The party making the assignment.