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






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






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






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






5. Official document detailing a defendant's defense.






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






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






8. One who ships goods by common carrier.






9. Court hearing cases appealed from lower courts.






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






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






12. One in possession of commercial paper.






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






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






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






16. Laws enacted by local municipalities.






17. The contracting of services rather than goods.






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






19. One that is incorporated in a foreign country.






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






21. A decision of a court.






22. 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.






23. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






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






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






27. A person in possession of an instrument.






28. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






30. A warranty imposed by law - arising automatically because the sale has been made.






31. 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






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






33. To take into police custody.






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






35. 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






36. Laws which are enacted by legislative bodies.






37. Partner active in a business unknown to the public.






38. Person not party to a contract - but whom parties intended to benefit.






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






40. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






41. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






43. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






44. A law that restricts the period of time within which an action may be brought to court.






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






46. The person who executes any draft.






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






48. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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