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






2. The party to whom the assignment is made.






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






4. Those goods which are - at the time of the contract - in existence and owned by the seller.






5. 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.






6. 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.






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






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






9. 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.






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






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






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






13. A body of persons elected by the stockholders to define and establish corporate policy.






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






15. Stating an untrue fact.






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

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






18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






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






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






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






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






23. Official document detailing a defendant's defense.






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






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






26. Movable tangible personal property.






27. The contracting of services rather than goods.






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






29. The goods specified by the buyer and seller.






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






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






32. 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.






33. 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.






34. Stock with an assigned face vale.






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






36. Any contract other than a formal contract - whether written - oral or implied.






37. 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






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






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






40. The person who executes a promissory note.






41. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






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






45. 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.






46. A corporation formed to carry out government functions.






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






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






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






50. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).







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