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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. An endorsement which limits the liability of the endorser.






2. The party to whom the assignment is made.






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






4. An individual actively and openly engaged in the business and held out to everyone as a partner.






5. The person who executes a promissory note.






6. An agent's authority to do things not specifically authorized in order to carry out express authority.






7. The repudiation of - or election to avoid - a voidable contract.






8. An agreement which is not in the form required by law.






9. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






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






12. Stock that entitles owner vote.






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






14. A business owned by one person.






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






16. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






18. One in possession of commercial paper.






19. Power to act for someone else.






20. One who takes initial steps to form corporation.






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






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






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






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






25. Court hearing cases appealed from lower courts.






26. Stock reacquired by a corporation.






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






28. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






30. A person in possession of an instrument.






31. A check for which the bank assures that the drawer has sufficient funds to make payment.






32. One who ships goods by common carrier.






33. A warranty imposed by law - arising automatically because the sale has been made.






34. Operates in the state that granted the charter.






35. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






36. An agreement of no legal effect.






37. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






41. Stock with an assigned face vale.






42. Movable tangible personal property.






43. The person who executes any draft.






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






45. Anything that may be owned.






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






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






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






49. One that is incorporated in a foreign country.






50. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.