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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 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.






2. One in possession of commercial paper.






3. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






5. A decision of a court.






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






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






8. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






9. An endorsement which prevents the use of the instrument for anything except the stated use.






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






11. Laws enacted by local municipalities.






12. 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.






13. The party who initiates - or makes - an offer.






14. 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.






15. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






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






19. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






20. One that is incorporated in a foreign country.






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






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






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






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






25. Declared value of outstanding stock.






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






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






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






29. 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.






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






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






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






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






34. A person in possession of an instrument.






35. The party making the assignment.






36. A written request initiating a civil suit.






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






38. 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.






39. The individual who initiates a civil action.






40. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






41. Laws which are enacted by legislative bodies.






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






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






44. The party to whom any negotiable instrument is made payable.






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






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






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






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






49. An individual actively and openly engaged in the business and held out to everyone as a partner.






50. A criminal offense that is punishable by confinement in prison or by death.