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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 party to whom the assignment is made.






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






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






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






5. 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.






6. A decision of a court.






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






8. The authority of an agent - stated in the document or agreement creating the agency.






9. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






10. That which the promisor demands and receives as the price for a promise.






11. Stock that entitles owner vote.






12. Declared value of outstanding stock.






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






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






15. The goods specified by the buyer and seller.






16. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






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






19. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






20. An agreement of no legal effect.






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






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






23. Power to act for someone else.






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






25. Canceling - annulling - avoiding.






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






27. The person who executes a promissory note.






28. A written request initiating a civil suit.






29. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






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






32. Anything that may be owned.






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






34. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






35. 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






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






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






38. A corporation formed by individuals to form some non-governmental function.






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 negotiable instrument containing a promise to pay.






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

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






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






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






45. 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






46. 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.






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






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






49. An award paid to the injured party to cover the exact amount of their loss - but no more.






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