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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. Stock reacquired by a corporation.






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






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






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






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






6. A party who appoints a second party to serve as an agent.






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






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






9. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






12. A decision of a court.






13. One in possession of commercial paper.






14. 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






15. Laws which are enacted by legislative bodies.






16. 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).






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






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






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






20. 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.






21. Laws which seek to promote competition among businesses.






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






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. To take into police custody.






25. Canceling - annulling - avoiding.






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






27. A written request initiating a civil suit.






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






29. 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






30. The person who executes any draft.






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






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






33. Stating an untrue fact.






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






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






36. A business owned by one person.






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






38. Movable tangible personal property.






39. One who takes initial steps to form corporation.






40. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






43. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






45. 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






46. A corporation formed to carry out government functions.






47. 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.






48. One who ships goods by common carrier.






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






50. Power to act for someone else.







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