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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. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






2. 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.






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






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






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






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






7. Stock that entitles owner vote.






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






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

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10. Laws enacted by local municipalities.






11. 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).






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






13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






14. Court hearing cases appealed from lower courts.






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






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






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






18. Partner active in a business unknown to the public.






19. Exceeding the maximum rate of interest which may be charged on loans.






20. An agreement of no legal effect.






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






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






23. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






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






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






27. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






30. Declared value of outstanding stock.






31. To take into police custody.






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






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






34. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






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






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






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






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






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






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






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






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






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






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






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






47. Stock reacquired by a corporation.






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






49. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






50. 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.