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






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






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






4. 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.






5. 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.






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






7. 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






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

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






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






11. The person who executes any draft.






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






13. 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.






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






15. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






17. The party making the assignment.






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






19. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






20. The party who gives up possession - but not title - of property in a bailment.






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






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






23. Stock with an assigned face vale.






24. A written request initiating a civil suit.






25. Laws which are enacted by legislative bodies.






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






27. A corporation formed to carry out government functions.






28. A body of persons elected by the stockholders to define and establish corporate policy.






29. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






31. Court hearing cases appealed from lower courts.






32. A negotiable instrument containing a promise to pay.






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






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






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






36. 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.






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






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






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






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






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






42. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






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






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






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






47. Stock reacquired by a corporation.






48. One who takes initial steps to form corporation.






49. 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).






50. Stock that entitles owner vote.