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






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






3. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






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






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






8. To take into police custody.






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






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






11. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






13. A document of conveyance that provides written evidence of one's title to tangible personal property.






14. An agreement of no legal effect.






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






16. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






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






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






22. The goods specified by the buyer and seller.






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






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






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






26. Declared value of outstanding stock.






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






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

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






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






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






32. Court hearing cases appealed from lower courts.






33. Pretrial steps taken to learn the details of the case.






34. 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.






35. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






37. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






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






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






42. The contracting of services rather than goods.






43. Official document detailing a defendant's defense.






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






45. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






46. A person in possession of an instrument.






47. The party who acquires possession but not the title of personal property in a bailment.






48. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






49. 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.






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