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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. Court hearing cases appealed from lower courts.






2. A written request initiating a civil suit.






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






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






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






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






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






8. Those contracts in which the terms have not been completely executed or fulfilled.






9. Operates in the state that granted the charter.






10. Stating an untrue fact.






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






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






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






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






15. An individual who takes no active part in the management of a business but has capital invested in the business.






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






17. 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.






18. Stock giving special advantage as to payment of dividends - upon liquidation or both.






19. An expression of willingness to enter a contractual agreement.






20. 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.






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






22. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






23. A business owned by one person.






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






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






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






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






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






29. Canceling - annulling - avoiding.






30. 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.






31. 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.






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






33. 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.






34. The person against whom legal action is brought. 1






35. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






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






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






41. One who ships goods by common carrier.






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






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






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






45. A check drawn on a bank's own funds and signed by a responsible bank official.

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






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






48. A person in possession of an instrument.






49. A corporation formed to carry out government functions.






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







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Can you answer 50 questions in 15 minutes?


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