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






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






3. 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.






4. A person in possession of an instrument.






5. Stock reacquired by a corporation.






6. 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.






7. 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.






8. Laws which seek to promote competition among businesses.






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






10. The person who executes a promissory note.






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






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






13. The person - company - or financial institution ordered to pay a draft.






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






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






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






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






18. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






19. The individual who initiates a civil action.






20. Those contracts in which the terms have not been completely executed or fulfilled.






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






22. Movable tangible personal property.






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






24. 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.






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






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






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






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






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






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






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






32. The goods specified by the buyer and seller.






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






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






35. A written request initiating a civil suit.






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






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






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






39. To take into police custody.






40. Laws which are enacted by legislative bodies.






41. One to whom goods are shipped by common carrier.






42. The contracting of services rather than goods.






43. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






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






46. Official document detailing a defendant's defense.






47. 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.






48. 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






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

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