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






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






3. One who ships goods by common carrier.






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






5. 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.






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






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






8. 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.






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






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






11. 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.






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






13. Official document detailing a defendant's defense.






14. The individual who initiates a civil action.






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






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

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17. 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.






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






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






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






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






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






23. 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






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






25. Canceling - annulling - avoiding.






26. Operates in the state that granted the charter.






27. Laws which seek to promote competition among businesses.






28. 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.






29. Stock that entitles owner vote.






30. A negotiable instrument containing a promise to pay.






31. 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.






32. Those contracts that must be in special form or produced in a certain way - such as under seal.






33. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






34. A written request initiating a civil suit.






35. The person to whom an offer is made.






36. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






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






40. 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.






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






42. A person in possession of an instrument.






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






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






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






46. One who takes initial steps to form corporation.






47. The authority of an agent - stated in the document or agreement creating the agency.






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






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






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