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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 corporation formed by individuals to form some non-governmental function.






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






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






4. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






7. Laws enacted by local municipalities.






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






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






10. Partner unknown to public with no part in management.






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






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






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






14. 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.






15. 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.






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






17. A business owned by one person.






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






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






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






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






23. 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.






24. 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






25. 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.






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






27. A contract which will be enforced by the court.






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






29. An agreement of no legal effect.






30. Anything that may be owned.






31. A criminal offense which is neither treason nor a felony.






32. The party making the assignment.






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






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






35. Stock reacquired by a corporation.






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






37. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






39. Stock that entitles owner vote.






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






41. An agreement between two or more competent persons which is enforceable by law.






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






43. The person who executes a promissory note.






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






45. A decision of a court.






46. One to whom goods are shipped by common carrier.






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 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).






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






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