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






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






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






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






5. 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.






6. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






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






9. A decision of a court.






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






11. The party who initiates - or makes - an offer.






12. The party making the assignment.






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






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






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






16. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






19. An agreement to an offer resulting in a contract.






20. Having no words other than the signature of the endorser.






21. All property which is not real property.






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






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






24. Power to act for someone else.






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






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






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






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






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






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

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






32. 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.






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






34. A business owned by one person.






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






36. One who ships goods by common carrier.






37. The party to whom the assignment is made.






38. Court hearing cases appealed from lower courts.






39. 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






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






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






42. Declared value of outstanding stock.






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






44. 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.






45. The goods specified by the buyer and seller.






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






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






48. 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.






49. Laws which are enacted by legislative bodies.






50. Stating an untrue fact.