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






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






3. One who ships goods by common carrier.






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






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






6. A law that restricts the period of time within which an action may be brought to court.






7. Operates in the state that granted the charter.






8. 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.






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






10. The person who executes any draft.






11. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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

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






14. A contract remedy by which the court requires the breaching party to perform the contract.






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






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






17. A check for which the bank assures that the drawer has sufficient funds to make payment.






18. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






20. Declared value of outstanding stock.






21. Land and those objects permanently attached to land. Rejection refusal to accept.






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






23. To take into police custody.






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






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






26. Movable tangible personal property.






27. 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






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






29. Canceling - annulling - avoiding.






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






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






32. A decision of a court.






33. Court hearing cases appealed from lower courts.






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






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






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






37. All property which is not real property.






38. 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.






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






40. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






42. 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.






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






44. Laws which are enacted by legislative bodies.






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






46. An endorsement which limits the liability of the endorser.






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






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






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






50. A negotiable instrument containing a promise to pay.