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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 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.






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






3. Any contract other than a formal contract - whether written - oral or implied.






4. One that is incorporated in a foreign country.






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






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

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






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






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






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






11. 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






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






13. Stock that entitles owner vote.






14. 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.






15. Declared value of outstanding stock.






16. A written request initiating a civil suit.






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






18. Court hearing cases appealed from lower courts.






19. Stating an untrue fact.






20. A business owned by one person.






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






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






23. The person who executes a promissory note.






24. Anything that may be owned.






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






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






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






28. 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.






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






30. An endorsement which prevents the use of the instrument for anything except the stated use.






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






32. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






33. Stock reacquired by a corporation.






34. A written request initiating a civil suit.






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






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






37. All property which is not real property.






38. An agent's authority to do things not specifically authorized in order to carry out express authority.






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






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






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






42. The party to whom any negotiable instrument is made payable.






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






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






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






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






47. A corporation formed to carry out government functions.






48. The individual who initiates a civil action.






49. A criminal offense that is punishable by confinement in prison or by death.






50. Laws which are enacted by legislative bodies.