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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 criminal offense which is neither treason nor a felony.






2. A person in possession of an instrument.






3. Those contracts that must be in special form or produced in a certain way - such as under seal.






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






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






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






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






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






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






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






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






13. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






14. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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






16. 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






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






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






19. The party to whom the assignment is made.






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






22. Laws enacted by local municipalities.






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






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






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






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






27. Laws which seek to promote competition among businesses.






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






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






30. One authorized by the principal to execute specific acts.






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






32. Partner active in a business unknown to the public.






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






34. The party making the assignment.






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






36. Stock that entitles owner vote.






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






38. Laws which are enacted by legislative bodies.






39. 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.






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






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






42. Power to act for someone else.






43. The person who executes a promissory note.






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






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






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






47. 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.






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






49. One who ships goods by common carrier.






50. 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.