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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 ships goods by common carrier.






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






3. Laws enacted by local municipalities.






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






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






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






7. Stock with an assigned face vale.






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






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






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






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






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






13. An agreement of no legal effect.






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






15. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






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






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






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






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






21. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






22. A criminal offense that is punishable by confinement in prison or by death.






23. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






25. The person who executes any draft.






26. 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






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






28. A written request initiating a civil suit.






29. The individual who initiates a civil action.






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






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






32. 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.






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






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






35. To take into police custody.






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






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






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






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






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






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






42. A law that restricts the period of time within which an action may be brought to court.






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






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






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






46. A business owned by one person.






47. Stock that entitles owner vote.






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






49. 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.






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