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






2. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






3. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






5. 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.






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






7. A criminal offense that is punishable by confinement in prison or by death.






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






9. Laws which seek to promote competition among businesses.






10. The party to whom the assignment is made.






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






12. Court hearing cases appealed from lower courts.






13. A business owned by one person.






14. The individual who initiates a civil action.






15. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






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






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






20. The contracting of services rather than goods.






21. A written request initiating a civil suit.






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






23. To take into police custody.






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






25. 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.






26. Stock reacquired by a corporation.






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






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






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






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






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






32. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






34. One to whom goods are shipped by common carrier.






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






36. The party making the assignment.






37. A corporation formed to carry out government functions.






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






39. A decision of a court.






40. A negotiable instrument containing a promise to pay.






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






42. 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.






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






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






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






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






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






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






49. 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






50. The goods specified by the buyer and seller.