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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. One who takes initial steps to form corporation.






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






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






4. A decision of a court.






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






6. Anything that may be owned.






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






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






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






10. The person against whom legal action is brought. 1






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






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






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






14. One that is incorporated in a foreign country.






15. 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






16. 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






17. An individual who takes no active part in the management of a business but has capital invested in the business.






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






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






20. A business owned by one person.






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






22. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






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






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






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






27. 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.






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






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






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






31. Canceling - annulling - avoiding.






32. Stock reacquired by a corporation.






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






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






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






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

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37. Power to act for someone else.






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






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






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






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






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






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

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44. That consideration stipulated by contract - generally expressed in money or money's worth.






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






46. A corporation formed to carry out government functions.






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






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






49. Declared value of outstanding stock.






50. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).







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