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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. The person against whom legal action is brought. 1






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






3. 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).






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






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






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






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






8. To take into police custody.






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






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






11. Stock with an assigned face vale.






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






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






14. One who ships goods by common carrier.






15. 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






16. The party who acquires possession but not the title of personal property in a bailment.






17. Movable tangible personal property.






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






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






20. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






22. Those goods which are - at the time of the contract - in existence and owned by the seller.






23. Person not party to a contract - but whom parties intended to benefit.






24. The person who executes any draft.






25. Stock giving special advantage as to payment of dividends - upon liquidation or both.






26. The party to whom the assignment is made.






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






28. The person who executes a promissory note.






29. 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.






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






31. The person to whom an offer is made.






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






33. 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.






34. Official document detailing a defendant's defense.






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






36. The party who gives up possession - but not title - of property in a bailment.






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






38. Stock that entitles owner vote.






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






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






41. A business owned by one person.






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






43. Anything that may be owned.






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






45. A law that restricts the period of time within which an action may be brought to court.






46. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






47. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






49. A written request initiating a civil suit.






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