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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 person in possession of an instrument.






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






3. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






5. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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

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7. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






10. Confirming an act that was executed without authority or an act which was voidable.






11. One who takes initial steps to form corporation.






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






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






14. Operates in the state that granted the charter.






15. Canceling - annulling - avoiding.






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






17. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






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






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






21. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






23. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






24. Stock that entitles owner vote.






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






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






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






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






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






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






31. Stating an untrue fact.






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






33. One who ships goods by common carrier.






34. One to whom goods are shipped by common carrier.






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






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






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






38. 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.






39. 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.






40. The person - company - or financial institution ordered to pay a draft.






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






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






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






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

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45. That which the promisor demands and receives as the price for a promise.






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






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






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






49. A negotiable instrument containing a promise to pay.






50. All property which is not real property.