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






2. An agreement which is not in the form required by law.






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






4. The goods specified by the buyer and seller.






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






6. The individual who initiates a civil action.






7. A written request initiating a civil suit.






8. All property which is not real property.






9. The signature or statement of purpose by the owner on the back of the instrument.






10. Stock giving special advantage as to payment of dividends - upon liquidation or both.






11. Official document detailing a defendant's defense.






12. 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.






13. 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






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






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






16. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






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






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






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






23. 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.






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






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






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






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






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






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






30. Canceling - annulling - avoiding.






31. 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






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






33. 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.






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






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






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






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






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






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






40. Laws which seek to promote competition among businesses.






41. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






42. Movable tangible personal property.






43. 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.






44. Laws enacted by local municipalities.






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






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






47. 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.






48. Anything that may be owned.






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






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







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