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






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






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






4. The person who executes any draft.






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






6. A corporation formed to carry out government functions.






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






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






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






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






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






12. Court hearing cases appealed from lower courts.






13. 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






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






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






16. A written request initiating a civil suit.






17. A written request initiating a civil suit.






18. 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.






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






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






21. The person who executes a promissory note.






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






23. The party to whom the assignment is made.






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






25. Stock that entitles owner vote.






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






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






28. 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.






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






30. Stock with an assigned face vale.






31. A person in possession of an instrument.






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






33. 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.






34. Official document detailing a defendant's defense.






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






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






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






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






39. All property which is not real property.






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






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






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






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






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






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






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






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






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






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






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