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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. Official document detailing a defendant's defense.






2. 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.






3. A written request initiating a civil suit.






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






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






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






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






8. A person in possession of an instrument.






9. The party making the assignment.






10. One that is incorporated in a foreign country.






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






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






13. The goods specified by the buyer and seller.






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






15. 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.






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






17. Court hearing cases appealed from lower courts.






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






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






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






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






22. One who ships goods by common carrier.






23. 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.






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






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






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






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






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






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






30. The person who executes any draft.






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






32. A corporation formed to carry out government functions.






33. Laws which are enacted by legislative bodies.






34. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






35. One who takes initial steps to form corporation.






36. Those contracts that must be in special form or produced in a certain way - such as under seal.






37. Stock with an assigned face vale.






38. The person to whom an offer is made.






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






40. Movable tangible personal property.






41. Operates in the state that granted the charter.






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






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






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






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






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






47. 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.






48. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






49. Canceling - annulling - avoiding.






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