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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. One to whom goods are shipped by common carrier.






2. A check drawn on a bank's own funds and signed by a responsible bank official.

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






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






5. Anything that may be owned.






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






8. The party to whom the assignment is made.






9. An agreement between two or more competent persons which is enforceable by law.






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






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






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






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






14. One that is incorporated in a foreign country.






15. The person who executes any draft.






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






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

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18. 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.






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






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






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






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






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






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. Declared value of outstanding stock.






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






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






28. Power to act for someone else.






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






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






31. 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.






32. One who ships goods by common carrier.






33. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






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






36. 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.






37. A corporation formed to carry out government functions.






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






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






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






41. An agreement of no legal effect.






42. 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.






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






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






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






46. A negotiable instrument containing a promise to pay.






47. 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.






48. Movable tangible personal property.






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






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