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






2. The person - company - or financial institution ordered to pay a draft.






3. The individual who initiates a civil action.






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






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






6. The repudiation of - or election to avoid - a voidable contract.






7. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






8. A body of persons elected by the stockholders to define and establish corporate policy.






9. One who ships goods by common carrier.






10. One who takes initial steps to form corporation.






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






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






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






14. Laws which seek to promote competition among businesses.






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






16. 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.






17. 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






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






19. A corporation formed to carry out government functions.






20. 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.






21. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






24. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






25. The party to whom the assignment is made.






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






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

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






29. 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.






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






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






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






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






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






35. One that is incorporated in a foreign country.






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






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






38. 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.






39. 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.






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






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






42. 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






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






44. The transfer of possession but not the title of personal property by one party to another - under agreement.






45. Declared value of outstanding stock.






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






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

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






49. 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.






50. The contracting of services rather than goods.