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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. An agreement of no legal effect.






2. All property which is not real property.






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






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






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






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






7. 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.






8. Power to act for someone else.






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






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






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






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






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






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






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






16. Laws which are enacted by legislative bodies.






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






18. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






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






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






22. One who ships goods by common carrier.






23. 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.






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






25. Anything that may be owned.






26. Official document detailing a defendant's defense.






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






28. Court hearing cases appealed from lower courts.






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






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






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






32. A person in possession of an instrument.






33. Movable tangible personal property.






34. The person who executes a promissory note.






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






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






37. Declared value of outstanding stock.






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






39. Stock reacquired by a corporation.






40. One in possession of commercial paper.






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






42. One who takes initial steps to form corporation.






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






44. 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.






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






46. Laws dealing with crimes and the punishment of wrongdoers.






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






48. The individual who initiates a civil action.






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






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