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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 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.






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






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






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






5. 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.






6. 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.






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






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






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






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






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






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






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






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






15. The signature or statement of purpose by the owner on the back of the instrument.






16. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






17. Operates in the state that granted the charter.






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






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






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






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






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

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






24. A party who appoints a second party to serve as an agent.






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






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






27. Laws which seek to promote competition among businesses.






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






29. Stock with an assigned face vale.






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






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






32. One in possession of commercial paper.






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






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






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






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






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






38. 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.






39. 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.






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






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






42. The party making the assignment.






43. An agreement of no legal effect.






44. A negotiable instrument containing a promise to pay.






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






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






47. 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.






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






49. The person who executes a promissory note.






50. Stock that entitles owner vote.