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






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






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






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






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






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






7. The person who executes a promissory note.






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






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






10. The contracting of services rather than goods.






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






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






13. Person who pretends to be a partner or permits others to represent him or her as a partner.






14. A person in possession of an instrument.






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






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






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






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






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






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






21. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






23. 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






24. Stock that entitles owner vote.






25. A decision of a court.






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






27. Operates in the state that granted the charter.






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






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

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






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






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






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






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






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






36. Stating an untrue fact.






37. One that is incorporated in a foreign country.






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






39. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






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






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






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

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






45. The transfer of title to goods from the seller to the buyer for a consideration called the price.






46. Laws which are enacted by legislative bodies.






47. 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.






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






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






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







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