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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 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.






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






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






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






5. 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.






6. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






8. Canceling - annulling - avoiding.






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






10. One who ships goods by common carrier.






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






12. The party making the assignment.






13. Laws which are enacted by legislative bodies.






14. 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.






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






16. An individual actively and openly engaged in the business and held out to everyone as a partner.






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






18. A decision of a court.






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






20. 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.






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






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






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






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






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






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






28. The person who executes a promissory note.






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






30. The transfer of title to goods from the seller to the buyer for a consideration called the price.






31. Movable tangible personal property.






32. The person who executes any draft.






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






34. One who takes initial steps to form corporation.






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






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






37. Power to act for someone else.






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






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






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






41. Exceeding the maximum rate of interest which may be charged on loans.






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






43. An agreement between two or more competent persons which is enforceable by law.






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

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






46. The individual who initiates a civil action.






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






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






49. An offense which is injurious to society as a whole.






50. Laws which seek to promote competition among businesses.