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






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






3. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






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






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

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






8. An agreement of no legal effect.






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






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






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






12. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






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






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






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






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






20. The goods specified by the buyer and seller.






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






22. Laws which are enacted by legislative bodies.






23. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






24. 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).






25. The act of transferring ownership of a negotiable instrument to another party.






26. A party who appoints a second party to serve as an agent.






27. The person who executes any draft.






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






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






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






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






32. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






33. A business owned by one person.






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






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






36. Laws enacted by local municipalities.






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






38. One that is incorporated in a foreign country.






39. 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.






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






41. The individual who initiates a civil action.






42. Stock reacquired by a corporation.






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






44. A contract which will be enforced by the court.






45. Canceling - annulling - avoiding.






46. The person who executes a promissory note.






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






48. Official document detailing a defendant's defense.






49. A criminal offense which is neither treason nor a felony.






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