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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. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






4. 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.






5. 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.






6. A written request initiating a civil suit.






7. A document of conveyance that provides written evidence of one's title to tangible personal property.






8. 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.






9. The party to whom the assignment is made.






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






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






12. Canceling - annulling - avoiding.






13. A negotiable instrument containing a promise to pay.






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






15. 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






16. The party making the assignment.






17. The person to whom an offer is made.






18. Stock reacquired by a corporation.






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






20. 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.






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






22. Stating an untrue fact.






23. 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.






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






25. A person in possession of an instrument.






26. The person who executes any draft.






27. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






29. Exceeding the maximum rate of interest which may be charged on loans.






30. All property which is not real property.






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






32. The contracting of services rather than goods.






33. Power to act for someone else.






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






35. Laws which seek to promote competition among businesses.






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






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






38. Court hearing cases appealed from lower courts.






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






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






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






42. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






44. Any contract other than a formal contract - whether written - oral or implied.






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






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






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






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






49. 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.






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