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






3. A decision of a court.






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






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






6. The goods specified by the buyer and seller.






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






8. Stock reacquired by a corporation.






9. The party making the assignment.






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






11. Anything that may be owned.






12. 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.






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






14. Official document detailing a defendant's defense.






15. The individual who initiates a civil action.






16. 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.






17. 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).






18. 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.






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






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






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






22. 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.






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






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






25. The person who executes a promissory note.






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






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






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






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






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






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






32. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






33. 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.






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






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






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






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






38. The person to whom an offer is made.






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






40. A person in possession of an instrument.






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






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






43. 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






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






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






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






47. Declared value of outstanding stock.






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






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






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