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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. Court hearing cases appealed from lower courts.






2. All property which is not real property.






3. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






4. 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.






5. Official document detailing a defendant's defense.






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






7. Stock reacquired by a corporation.






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






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






10. Laws enacted by local municipalities.






11. One in possession of commercial paper.






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






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






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






15. The person to whom an offer is made.






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






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






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






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






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






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






22. A written request initiating a civil suit.






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






24. A means whereby one party conveys rights to another person who is not a party to the original contract.






25. Stock that entitles owner vote.






26. The party who initiates - or makes - an offer.






27. An individual who takes no active part in the management of a business but has capital invested in the business.






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






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






30. A person in possession of an instrument.






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






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






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






34. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






36. Any contract other than a formal contract - whether written - oral or implied.






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






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






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






40. 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.






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






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






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






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






45. Stating an untrue fact.






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






47. Declared value of outstanding stock.






48. Laws which are enacted by legislative bodies.






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






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