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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 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.






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






3. 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.






4. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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

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






7. The necessity that the parties desiring to enter into contracts meet all requirements.






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






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






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






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






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






13. Court hearing cases appealed from lower courts.






14. 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






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






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






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






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






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






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






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






22. A person in possession of an instrument.






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






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






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






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






27. Movable tangible personal property.






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






29. A negotiable instrument containing a promise to pay.






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






31. Stock reacquired by a corporation.






32. The contracting of services rather than goods.






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






34. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






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






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






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






39. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






41. The annulment or cancellation of an instrument - act or promise by one doing or making it.






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






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






44. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






46. Power to act for someone else.






47. Stating an untrue fact.






48. The party making the assignment.






49. Laws enacted by local municipalities.






50. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.