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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. The person who executes a promissory note.






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






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






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






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






6. Laws enacted by local municipalities.






7. A body of persons elected by the stockholders to define and establish corporate policy.






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






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






10. A party who appoints a second party to serve as an agent.






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






12. An endorsement which limits the liability of the endorser.






13. One who takes initial steps to form corporation.






14. 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






15. 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.






16. The person who executes any draft.






17. 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.






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






19. Movable tangible personal property.






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






21. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






23. Canceling - annulling - avoiding.






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






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






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






27. Stock that entitles owner vote.






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






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






30. Stock with an assigned face vale.






31. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






35. 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.






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






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






38. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






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






41. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






43. 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.






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






45. 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.






46. The party to whom the assignment is made.






47. One who ships goods by common carrier.






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






49. Stating an untrue fact.






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