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






2. The party making the assignment.






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






4. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






5. Power to act for someone else.






6. The party who initiates - or makes - an offer.






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






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






9. Person not party to a contract - but whom parties intended to benefit.






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






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






12. 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






13. 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






14. Charging a person with a crime and asking for that person's plea.






15. 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.






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

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






18. The person to whom an offer is made.






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






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






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






22. One who takes initial steps to form corporation.






23. Stock with an assigned face vale.






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






25. The contracting of services rather than goods.






26. Laws enacted by local municipalities.






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






28. One in which terms of the contract are implied by acts or conduct of the '_ parties.






29. All property which is not real property.






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






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






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






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






34. An agreement of no legal effect.






35. Stating an untrue fact.






36. Court hearing cases appealed from lower courts.






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






38. One that is incorporated in a foreign country.






39. 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.






40. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






44. Declared value of outstanding stock.






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






46. 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.






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






48. A corporation formed to carry out government functions.






49. Anything that may be owned.






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