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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. To take into police custody.






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






3. The goods specified by the buyer and seller.






4. Stock with an assigned face vale.






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






6. Canceling - annulling - avoiding.






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






8. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






9. 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.






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






11. The individual who initiates a civil action.






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






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






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






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






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






17. Laws enacted by local municipalities.






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






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






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






21. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






24. 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.






25. The person who executes any draft.






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






27. 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.






28. All property which is not real property.






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






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






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






32. 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.






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






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






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






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






37. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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38. Movable tangible personal property.






39. Laws which seek to promote competition among businesses.






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






41. A person in possession of an instrument.






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






43. 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.






44. One that is incorporated in a foreign country.






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






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






47. Declared value of outstanding stock.






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






49. One in possession of commercial paper.






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