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






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






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






4. Anything that may be owned.






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






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






7. The contracting of services rather than goods.






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






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






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






11. 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.






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






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






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






15. A criminal offense that is punishable by confinement in prison or by death.






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






17. Partner unknown to public with no part in management.






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






19. The goods specified by the buyer and seller.






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






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






22. One in possession of commercial paper.






23. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






26. Laws enacted by local municipalities.






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






28. Laws which are enacted by legislative bodies.






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






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






31. Movable tangible personal property.






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






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






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






35. An individual actively and openly engaged in the business and held out to everyone as a partner.






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






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






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






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






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






41. Those contracts in which the terms have not been completely executed or fulfilled.






42. Stock that entitles owner vote.






43. 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






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






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






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






47. 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.






48. 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.






49. 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.






50. Stock with an assigned face vale.