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






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






3. 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.






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






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






6. The person who executes a promissory note.






7. Confirming an act that was executed without authority or an act which was voidable.






8. To take into police custody.






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






10. 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.






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






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






13. Laws enacted by local municipalities.






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






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






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






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






18. The person who executes any draft.






19. 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.






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






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






22. The goods specified by the buyer and seller.






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






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






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






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






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






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






29. A person in possession of an instrument.






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






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






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






33. Canceling - annulling - avoiding.






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






35. Power to act for someone else.






36. One in possession of commercial paper.






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


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






39. The person to whom an offer is made.






40. A negotiable instrument containing a promise to pay.






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






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






43. Operates in the state that granted the charter.






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






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






46. Stating an untrue fact.






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






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






49. The signature or statement of purpose by the owner on the back of the instrument.






50. The individual who initiates a civil action.