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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. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






2. A corporation formed to carry out government functions.






3. Laws enacted by local municipalities.






4. Official document detailing a defendant's defense.






5. Court hearing cases appealed from lower courts.






6. 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.






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






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






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






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

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11. Exceeding the maximum rate of interest which may be charged on loans.






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






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






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






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






16. Laws which are enacted by legislative bodies.






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






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






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






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






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






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






23. The person who executes a promissory note.






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






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






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






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






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






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






30. Stating an untrue fact.






31. The individual who initiates a civil action.






32. 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.






33. Laws which seek to promote competition among businesses.






34. To take into police custody.






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






36. Canceling - annulling - avoiding.






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






38. 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.






39. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






41. A business owned by one person.






42. An agreement of no legal effect.






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






44. 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.






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






46. All property which is not real property.






47. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






48. 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.






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






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