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






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






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






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






5. An endorsement which designates the particular person to whom payment is to be made.






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






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

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






9. Official document detailing a defendant's defense.






10. Laws which seek to promote competition among businesses.






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






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






13. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






15. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






18. A corporation formed to carry out government functions.






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






20. The goods specified by the buyer and seller.






21. Court hearing cases appealed from lower courts.






22. Declared value of outstanding stock.






23. One who ships goods by common carrier.






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






25. A law that restricts the period of time within which an action may be brought to court.






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






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






28. 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.






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






30. A decision of a court.






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






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






33. One in possession of commercial paper.






34. A written request initiating a civil suit.






35. Stock reacquired by a corporation.






36. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






39. The party making the assignment.






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






41. Laws enacted by local municipalities.






42. 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).






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






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






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






46. Land and those objects permanently attached to land. Rejection refusal to accept.






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






48. The person who executes any draft.






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






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