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






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






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






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






5. The person who executes a promissory note.






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






7. Stating an untrue fact.






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






9. One in possession of commercial paper.






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






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






12. The person who executes any draft.






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






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






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






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






17. One that is incorporated in a foreign country.






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






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






20. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






22. One who takes initial steps to form corporation.






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






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






25. 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.






26. A written request initiating a civil suit.






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






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






29. 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.






30. Confirming an act that was executed without authority or an act which was voidable.






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






32. The party making the assignment.






33. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






35. An agreement made and executed in satisfaction of the rights one has from a previous contract.






36. A written request initiating a civil suit.






37. 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






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






39. The party to whom any negotiable instrument is made payable.






40. 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.






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






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






43. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






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






45. 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.






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






47. The contracting of services rather than goods.






48. Movable tangible personal property.






49. A corporation formed to carry out government functions.






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