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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. To take into police custody.






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






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






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






5. The individual who initiates a civil action.






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






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






8. The person who executes any draft.






9. Stock reacquired by a corporation.






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






11. A check for which the bank assures that the drawer has sufficient funds to make payment.






12. Laws which are enacted by legislative bodies.






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






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






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






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. Laws which seek to promote competition among businesses.






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






19. Official document detailing a defendant's defense.






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






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






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






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






25. Court hearing cases appealed from lower courts.






26. A decision of a court.






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






28. 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.






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






30. A person in possession of an instrument.






31. 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.






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






33. Stating an untrue fact.






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






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






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






37. A warranty imposed by law - arising automatically because the sale has been made.






38. One who ships goods by common carrier.






39. All property which is not real property.






40. A business owned by one person.






41. 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






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






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






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






45. 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.






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






47. Having no words other than the signature of the endorser.






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






49. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






50. Stock with an assigned face vale.