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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 who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






3. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






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






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






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






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






10. One who ships goods by common carrier.






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






12. 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.






13. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






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






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






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






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






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






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






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






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






22. 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.






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






24. Stock reacquired by a corporation.






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






26. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






27. Any contract other than a formal contract - whether written - oral or implied.






28. Power to act for someone else.






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






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






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






32. All property which is not real property.






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






34. 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.






35. A written request initiating a civil suit.






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






37. Laws which are enacted by legislative bodies.






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






39. 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.






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






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






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






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






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






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






46. 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.






47. The goods specified by the buyer and seller.






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






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






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