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






2. 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.






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






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






5. Stock with an assigned face vale.






6. 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.






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






8. A corporation formed to carry out government functions.






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






10. The individual who initiates a civil action.






11. 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.






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






13. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






16. 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.






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






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






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






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






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






22. An agreement of no legal effect.






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






24. 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.






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






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






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






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






29. A negotiable instrument containing a promise to pay.






30. Those contracts in which the terms have not been completely executed or fulfilled.






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






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






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






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






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






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






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






38. 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).






39. All property which is not real property.






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






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






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






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






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






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






46. The person who executes any draft.






47. The repudiation of - or election to avoid - a voidable contract.






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






49. The party making the assignment.






50. 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.