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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 individual who initiates a civil action.






2. Improper influence that is asserted by one dominant person over another - without the threat or harm.






3. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






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






7. The person who executes any draft.






8. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






9. The person who executes a promissory note.






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






11. Anything that may be owned.






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






13. Stock with an assigned face vale.






14. Stating an untrue fact.






15. Laws which seek to promote competition among businesses.






16. Stock that entitles owner vote.






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






18. 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.






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






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






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






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






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






24. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






25. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






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






27. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






29. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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

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






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






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






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






35. One that is incorporated in a foreign country.






36. The party who initiates - or makes - an offer.






37. Declared value of outstanding stock.






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






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

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40. One who ships goods by common carrier.






41. 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.






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






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






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






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






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






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






48. Customs that have become recognized by the courts as binding on the community.






49. Canceling - annulling - avoiding.






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