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






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






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






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






5. Canceling - annulling - avoiding.






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






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






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






9. One who ships goods by common carrier.






10. Court hearing cases appealed from lower courts.






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






12. Stock reacquired by a corporation.






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






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






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






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






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






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






19. 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.






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






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






22. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






24. An endorsement which limits the liability of the endorser.






25. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






26. The party making the assignment.






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






28. 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.






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






30. One that is incorporated in a foreign country.






31. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






32. 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.






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






34. 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.






35. An agreement which is not in the form required by law.






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






37. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






38. The person to whom an offer is made.






39. 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.






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






41. A written request initiating a civil suit.






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






43. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






45. The act of transferring ownership of a negotiable instrument to another party.






46. Declared value of outstanding stock.






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






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






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






50. 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.