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






2. A written request initiating a civil suit.






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






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






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






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






7. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






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






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






12. 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






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






14. A corporation formed to carry out government functions.






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






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






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






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






19. To take into police custody.






20. 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.






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






22. 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.






23. All property which is not real property.






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






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






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






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






28. A person in possession of an instrument.






29. Exceeding the maximum rate of interest which may be charged on loans.






30. Operates in the state that granted the charter.






31. 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.






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






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






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






35. The person who executes any draft.






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






37. An agreement to an offer resulting in a contract.






38. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






39. 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.






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






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






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






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






44. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






45. 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).






46. A criminal offense which is neither treason nor a felony.






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






48. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






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






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






Can you answer 50 questions in 15 minutes?



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