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






2. The party who gives up possession - but not title - of property in a bailment.






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






4. Power to act for someone else.






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






6. The party making the assignment.






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






8. Stock that entitles owner vote.






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






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

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






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






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






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






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






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






18. 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.






19. 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.






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






21. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






22. Stock reacquired by a corporation.






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






24. A written request initiating a civil suit.






25. Anything that may be owned.






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






27. The change of one of the parties to a contract at the mutual agreement of the original parties.






28. Laws which are enacted by legislative bodies.






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






30. The individual who initiates a civil action.






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






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






33. To take into police custody.






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






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






36. One who ships goods by common carrier.






37. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






40. A negotiable instrument containing a promise to pay.






41. Confirming an act that was executed without authority or an act which was voidable.






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






43. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






44. The authority of an agent - stated in the document or agreement creating the agency.






45. One in possession of commercial paper.






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






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






48. Declared value of outstanding stock.






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






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