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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 person who executes a promissory note.






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






3. 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.






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






5. An agreement of no legal effect.






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






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






8. Official document detailing a defendant's defense.






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






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






11. 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.






12. A judicial order or decree forbidding the performance of a certain act.






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






14. Canceling - annulling - avoiding.






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






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






17. 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.






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






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






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






21. A business owned by one person.






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






23. One in possession of commercial paper.






24. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






26. A check drawn on a bank's own funds and signed by a responsible bank official.

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

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






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






30. An agreement between two or more competent persons which is enforceable by law.






31. 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.






32. A body of persons elected by the stockholders to define and establish corporate policy.






33. 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






34. 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






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






36. The goods specified by the buyer and seller.






37. A decision of a court.






38. 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.






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






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






41. Anything that may be owned.






42. The party to whom the assignment is made.






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






45. A corporation formed to carry out government functions.






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






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






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






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






50. 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.







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