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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 means whereby one party conveys rights to another person who is not a party to the original contract.






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. Operates in the state that granted the charter.






4. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






7. The individual who initiates a civil action.






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






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






10. Official document detailing a defendant's defense.






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






12. A party who appoints a second party to serve as an agent.






13. 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.






14. Having no words other than the signature of the endorser.






15. The person against whom legal action is brought. 1






16. Stock with an assigned face vale.






17. The goods specified by the buyer and seller.






18. An agreement of no legal effect.






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






20. A negotiable instrument containing a promise to pay.






21. A written request initiating a civil suit.






22. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






24. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






26. 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.






27. Canceling - annulling - avoiding.






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






29. A corporation formed by individuals to form some non-governmental function.






30. 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.






31. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






34. Person who writes his or her name on back of instrument.






35. Stock reacquired by a corporation.






36. A written request initiating a civil suit.






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






38. A business owned by one person.






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






40. Power to act for someone else.






41. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






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






44. Movable tangible personal property.






45. The party making the assignment.






46. 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.






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






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






49. An endorsement which designates the particular person to whom payment is to be made.






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