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






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






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






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






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






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






7. One in possession of commercial paper.






8. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






10. Operates in the state that granted the charter.






11. 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.






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






13. Those goods which are not in existence at the time a contract is agreed to.






14. 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.






15. 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).






16. A written request initiating a civil suit.






17. Declared value of outstanding stock.






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






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






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






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






22. Pretrial steps taken to learn the details of the case.






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






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






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






26. 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






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






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






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






30. Stock with an assigned face vale.






31. A decision of a court.






32. Stating an untrue fact.






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






34. Stock that entitles owner vote.






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






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






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






38. Official document detailing a defendant's defense.






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






40. A written request initiating a civil suit.






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






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






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






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






45. One who takes initial steps to form corporation.






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






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






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






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






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