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






2. 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.






3. A relationship of trust and confidence - such as that which exists between partners in a partnership.






4. One who takes initial steps to form corporation.






5. Anything that may be owned.






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






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






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






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






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






11. Canceling - annulling - avoiding.






12. Stock with an assigned face vale.






13. A corporation formed to carry out government functions.






14. Laws which are enacted by legislative bodies.






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






16. 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.






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






18. Movable tangible personal property.






19. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






20. The person who executes any draft.






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






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






23. Customs that have become recognized by the courts as binding on the community.






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






25. 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.






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






27. Stock reacquired by a corporation.






28. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






29. 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.






30. Official document detailing a defendant's defense.






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






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






33. A check for which the bank assures that the drawer has sufficient funds to make payment.






34. The party to whom the assignment is made.






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






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






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






38. One that is incorporated in a foreign country.






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






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






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






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






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






44. A decision of a court.






45. 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.






46. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






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






49. The person who executes a promissory note.






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