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






2. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






5. The act of transferring ownership of a negotiable instrument to another party.






6. A business owned by one person.






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






8. The party to whom any negotiable instrument is made payable.






9. Laws dealing with crimes and the punishment of wrongdoers.






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






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






12. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






14. A written request initiating a civil suit.






15. 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.






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






17. A decision of a court.






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






19. The party to whom the assignment is made.






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






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






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

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23. To take into police custody.






24. The contract existing between the consignor (shipper) and the carrier.






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






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






27. Person not party to a contract - but whom parties intended to benefit.






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






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






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






32. Laws enacted by local municipalities.






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






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






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






36. An agreement made and executed in satisfaction of the rights one has from a previous contract.






37. A negotiable instrument containing a promise to pay.






38. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






40. An endorsement which designates the particular person to whom payment is to be made.






41. 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.






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






43. The person to whom an offer is made.






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






45. Canceling - annulling - avoiding.






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






47. That which the promisor demands and receives as the price for a promise.






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






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






50. 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.