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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 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.






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






3. Power to act for someone else.






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






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






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






7. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






9. 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.






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






11. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






12. Canceling - annulling - avoiding.






13. The party to whom the assignment is made.






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






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






16. 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.






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






18. Laws which seek to promote competition among businesses.






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






20. A check drawn on a bank's own funds and signed by a responsible bank official.

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21. Anything that may be owned.






22. One who ships goods by common carrier.






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






24. 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.






25. A corporation formed to carry out government functions.






26. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






28. 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.






29. Declared value of outstanding stock.






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






31. To take into police custody.






32. Laws which are enacted by legislative bodies.






33. A business owned by one person.






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






35. 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.






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






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






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






40. Court hearing cases appealed from lower courts.






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






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






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






44. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






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






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






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






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






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







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