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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 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.






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






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






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






5. Anything that may be owned.






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






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






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






9. A warranty imposed by law - arising automatically because the sale has been made.






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






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






12. The goods specified by the buyer and seller.






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






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






15. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






16. A party who appoints a second party to serve as an agent.






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






18. Laws which seek to promote competition among businesses.






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






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






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






22. 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.






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






24. Stock that entitles owner vote.






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






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






27. Canceling - annulling - avoiding.






28. 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






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






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






31. The party to whom the assignment is made.






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






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






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






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






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






37. An offense which is injurious to society as a whole.






38. Partner active in a business unknown to the public.






39. An agreement of no legal effect.






40. One in possession of commercial paper.






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






42. A decision of a court.






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






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






45. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






48. The party making the assignment.






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






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