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






2. Movable tangible personal property.






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






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

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5. 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.






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






7. Power to act for someone else.






8. One who takes initial steps to form corporation.






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






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






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






12. Declared value of outstanding stock.






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






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






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






16. All property which is not real property.






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






18. 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.






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






20. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






22. A person in possession of an instrument.






23. A corporation formed to carry out government functions.






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






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






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






27. One in possession of commercial paper.






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






29. Stock with an assigned face vale.






30. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






33. An agreement of no legal effect.






34. 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.






35. An endorsement which limits the liability of the endorser.






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






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






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






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






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






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






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






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






44. 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.






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






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






47. 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.






48. The individual who initiates a civil action.






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






50. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.