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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. The contracting of services rather than goods.






2. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






4. 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.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






7. A written request initiating a civil suit.






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






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






10. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






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






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






14. Laws which are enacted by legislative bodies.






15. 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.






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






17. One who takes initial steps to form corporation.






18. 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






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






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






21. Canceling - annulling - avoiding.






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






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






24. Declared value of outstanding stock.






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






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






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






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






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


30. A person in possession of an instrument.






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






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






33. 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.






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






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. 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.






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






38. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






39. Official document detailing a defendant's defense.






40. 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.






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






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






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






44. 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






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






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






47. The party to whom any negotiable instrument is made payable.






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






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






50. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.