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






2. 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






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






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






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






6. Canceling - annulling - avoiding.






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






8. A person in possession of an instrument.






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






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






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






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






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






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






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






16. The person who executes a promissory note.






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






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






19. 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.






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






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






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






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






24. 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.






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






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






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






28. 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.






29. Court hearing cases appealed from lower courts.






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






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






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






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






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






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






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






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






38. 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.






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






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






41. 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.






42. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






43. A business owned by one person.






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






45. Stock with an assigned face vale.






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






47. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






49. Operates in the state that granted the charter.






50. One that is incorporated in a foreign country.