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






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






3. Laws which seek to promote competition among businesses.






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






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






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






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






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






9. Power to act for someone else.






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






11. A written request initiating a civil suit.






12. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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






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






16. 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






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






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






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






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. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






22. A corporation formed by individuals to form some non-governmental function.






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






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






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






26. A person in possession of an instrument.






27. All property which is not real property.






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






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






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






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






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






33. A corporation formed to carry out government functions.






34. Those contracts that must be in special form or produced in a certain way - such as under seal.






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






36. An agreement of no legal effect.






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






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






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






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






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






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






43. The party making the assignment.






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






45. A negotiable instrument containing a promise to pay.






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






47. The person who executes a promissory note.






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






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






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