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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 party who appoints a second party to serve as an agent.






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






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






4. A written request initiating a civil suit.






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






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






7. 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.






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






9. Those goods which are - at the time of the contract - in existence and owned by the seller.






10. 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.






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






12. Movable tangible personal property.






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






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






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






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






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






18. The repudiation of - or election to avoid - a voidable contract.






19. A means whereby one party conveys rights to another person who is not a party to the original contract.






20. Stock that entitles owner vote.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






25. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






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






29. 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.






30. 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).






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






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






33. One in possession of commercial paper.






34. To take into police custody.






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






36. Anything that may be owned.






37. One that is incorporated in a foreign country.






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






39. 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.






40. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






44. Stock with an assigned face vale.






45. Laws enacted by local municipalities.






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






47. The person who executes a promissory note.






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






49. One who ships goods by common carrier.






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