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






2. A decision of a court.






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






4. 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.






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






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






7. The person to whom an offer is made.






8. To take into police custody.






9. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






11. The goods specified by the buyer and seller.






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






13. 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.






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






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






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






17. 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






18. 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.






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






20. 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.






21. The contracting of services rather than goods.






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






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






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






25. 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).






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






27. A criminal offense which is neither treason nor a felony.






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






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






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






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






32. Movable tangible personal property.






33. Power to act for someone else.






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






35. Stock that entitles owner vote.






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






37. A contract remedy by which the court requires the breaching party to perform the contract.






38. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






39. Stock reacquired by a corporation.






40. One who ships goods by common carrier.






41. Operates in the state that granted the charter.






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






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






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






45. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






46. Stock with an assigned face vale.






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






48. 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.






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






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