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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 check drawn on a bank's own funds and signed by a responsible bank official.

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






3. A judicial order or decree forbidding the performance of a certain act.






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






5. Laws which are enacted by legislative bodies.






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






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






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






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






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






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






13. An agreement between two or more competent persons which is enforceable by law.






14. Stock giving special advantage as to payment of dividends - upon liquidation or both.






15. A corporation formed to carry out government functions.






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






17. An agreement to an offer resulting in a contract.






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






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






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






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






22. 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.






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






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






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






26. 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.






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






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






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






30. A person in possession of an instrument.






31. 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






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






33. Anything that may be owned.






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






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






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






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






38. Operates in the state that granted the charter.






39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






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






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






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






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






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






47. Stock reacquired by a corporation.






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






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






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