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






2. Operates in the state that granted the charter.






3. A corporation formed to carry out government functions.






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






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






6. Person not party to a contract - but whom parties intended to benefit.






7. Anything that may be owned.






8. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






10. 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.






11. One who takes initial steps to form corporation.






12. All property which is not real property.






13. A negotiable instrument containing a promise to pay.






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






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






16. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






17. A contract which will be enforced by the court.






18. One who ships goods by common carrier.






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






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






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






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






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






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






25. Movable tangible personal property.






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






27. Court hearing cases appealed from lower courts.






28. A decision of a court.






29. 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.






30. Stock with an assigned face vale.






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






32. A written request initiating a civil suit.






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






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

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35. One authorized by the principal to execute specific acts.






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






37. Stock that entitles owner vote.






38. Laws dealing with crimes and the punishment of wrongdoers.






39. 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.






40. 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.






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






42. Partner active in a business unknown to the public.






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






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






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






46. An agreement of no legal effect.






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






48. Stock reacquired by a corporation.






49. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






50. 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.







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