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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. Partner active in a business unknown to the public.






2. Laws dealing with crimes and the punishment of wrongdoers.






3. 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.






4. An agreement to an offer resulting in a contract.






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






6. The person who executes any draft.






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






8. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






10. Court hearing cases appealed from lower courts.






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






12. The person against whom legal action is brought. 1






13. The party making the assignment.






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






15. Stating an untrue fact.






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






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






18. 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






19. 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).






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






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






22. The goods specified by the buyer and seller.






23. 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.






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






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






26. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






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






30. Laws enacted by local municipalities.






31. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






33. An endorsement which designates the particular person to whom payment is to be made.






34. The necessity that the parties desiring to enter into contracts meet all requirements.






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






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






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






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






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






40. One who takes initial steps to form corporation.






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






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






43. 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.






44. The contracting of services rather than goods.






45. The individual who initiates a civil action.






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






47. The person to whom an offer is made.






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






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






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