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






2. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






4. Operates in the state that granted the charter.






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






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






7. The necessity that the parties desiring to enter into contracts meet all requirements.






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






9. The contracting of services rather than goods.






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






11. A criminal offense which is neither treason nor a felony.






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






13. Official document detailing a defendant's defense.






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






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






16. One who ships goods by common carrier.






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






18. Stock that entitles owner vote.






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






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






21. 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.






22. 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.






23. A person in possession of an instrument.






24. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






25. Laws which are enacted by legislative bodies.






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






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






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






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






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






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






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






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






34. A party who appoints a second party to serve as an agent.






35. A written request initiating a civil suit.






36. A corporation formed to carry out government functions.






37. A negotiable instrument containing a promise to pay.






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






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






40. 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.






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






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






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






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






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






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






47. To take into police custody.






48. The person who executes any draft.






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






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