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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 written request initiating a civil suit.






2. The person to whom an offer is made.






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






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






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






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






7. The party making the assignment.






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






9. A person in possession of an instrument.






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






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






12. Laws enacted by local municipalities.






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






14. 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.






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






16. Laws which are enacted by legislative bodies.






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






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






19. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






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






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






23. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






25. The goods specified by the buyer and seller.






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






27. 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.






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






29. 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.






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






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






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






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






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. 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.






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






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






38. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






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






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






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






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






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






45. The authority of an agent - stated in the document or agreement creating the agency.






46. 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.






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






48. The contracting of services rather than goods.






49. 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.






50. The person who executes a promissory note.







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