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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. Declared value of outstanding stock.






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






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






4. Operates in the state that granted the charter.






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






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






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






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






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

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






11. Anything that may be owned.






12. The person who executes any draft.






13. A business owned by one person.






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






15. 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.






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






17. A written request initiating a civil suit.






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






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






20. Laws which are enacted by legislative bodies.






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






22. The party who acquires possession but not the title of personal property in a bailment.






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






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






25. One who takes initial steps to form corporation.






26. 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.






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






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






29. Court hearing cases appealed from lower courts.






30. Laws which seek to promote competition among businesses.






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






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






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






34. Stock that entitles owner vote.






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






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






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






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






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






40. Laws enacted by local municipalities.






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






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






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






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






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






46. The party who gives up possession - but not title - of property in a bailment.






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






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. 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).






50. To take into police custody.