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






2. All property which is not real property.






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






4. One who ships goods by common carrier.






5. The party to whom the assignment is made.






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






7. The person who executes a promissory note.






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






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






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






11. The annulment or cancellation of an instrument - act or promise by one doing or making it.






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






13. An offense which is injurious to society as a whole.






14. The signature or statement of purpose by the owner on the back of the instrument.






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






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






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






18. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






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






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






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






23. A decision of a court.






24. 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.






25. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.






26. Laws enacted by local municipalities.






27. 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.






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






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






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






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






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






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






34. Canceling - annulling - avoiding.






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






36. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






39. 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).






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






41. 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.






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






43. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






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






46. A written request initiating a civil suit.






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

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48. The person to whom an offer is made.






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






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