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






2. The person who executes any draft.






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






4. 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.






5. The party making the assignment.






6. Movable tangible personal property.






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






8. Power to act for someone else.






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






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






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






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






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






14. A business owned by one person.






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






16. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






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






19. One in possession of commercial paper.






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






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






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






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






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

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






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






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






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






29. Stock reacquired by a corporation.






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






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






32. 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.






33. Anything that may be owned.






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






35. A judicial order or decree forbidding the performance of a certain act.






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






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






38. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






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






41. A negotiable instrument containing a promise to pay.






42. One who ships goods by common carrier.






43. 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.






44. The party to whom the assignment is made.






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






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






47. Declared value of outstanding stock.






48. 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.






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






50. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).