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






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






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






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






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






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

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






8. The person who executes any draft.






9. The person to whom an offer is made.






10. Charging a person with a crime and asking for that person's plea.






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






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






13. 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.






14. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






15. One that is incorporated in a foreign country.






16. A judicial order or decree forbidding the performance of a certain act.






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






18. 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.






19. Operates in the state that granted the charter.






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






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






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






23. Designation that applies when a corporation operates in any state other __ than where it is chartered.






24. An agreement to an offer resulting in a contract.






25. Movable tangible personal property.






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






27. 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.






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






29. Confirming an act that was executed without authority or an act which was voidable.






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






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






32. Stock that entitles owner vote.






33. One who ships goods by common carrier.






34. Stock with an assigned face vale.






35. A business owned by one person.






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






37. Anything that may be owned.






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






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






40. One in possession of commercial paper.






41. Laws which are enacted by legislative bodies.






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






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






44. The contracting of services rather than goods.






45. Stating an untrue fact.






46. 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.






47. 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.






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






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






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