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






2. A written request initiating a civil suit.






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






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






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






6. A criminal offense which is neither treason nor a felony.






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






8. 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.






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






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






11. 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.






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






13. One authorized by the principal to execute specific acts.






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






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






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






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






21. The person to whom an offer is made.






22. The party making the assignment.






23. Stock reacquired by a corporation.






24. Court hearing cases appealed from lower courts.






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






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






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






28. 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






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






30. A judicial order or decree forbidding the performance of a certain act.






31. 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.






32. Movable tangible personal property.






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






34. Stock that entitles owner vote.






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






36. Anything that may be owned.






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






38. Land and those objects permanently attached to land. Rejection refusal to accept.






39. 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.






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






41. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






42. The person who executes a promissory note.






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






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






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






46. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






47. 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.






48. 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.






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






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.