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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 annulment or cancellation of an instrument - act or promise by one doing or making it.






2. A written request initiating a civil suit.






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






4. 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.






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






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






7. One that is incorporated in a foreign country.






8. 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.






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






10. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






11. 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.






12. A decision of a court.






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






14. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






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






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






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






19. One who ships goods by common carrier.






20. Anything that may be owned.






21. 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.






22. 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






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

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






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






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






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






28. A negotiable instrument containing a promise to pay.






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






30. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






33. An expression of willingness to enter a contractual agreement.






34. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






35. A check drawn on a bank's own funds and signed by a responsible bank official.

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






37. 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.






38. All property which is not real property.






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






40. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






41. Laws which seek to promote competition among businesses.






42. 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.






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






44. The contracting of services rather than goods.






45. The party to whom the assignment is made.






46. A business owned by one person.






47. Stock that entitles owner vote.






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






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






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







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