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






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






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






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






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






6. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






7. 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.






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






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






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






11. The party to whom the assignment is made.






12. One who takes initial steps to form corporation.






13. An agreement of no legal effect.






14. Declared value of outstanding stock.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






16. One that is incorporated in a foreign country.






17. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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18. Those goods which are - at the time of the contract - in existence and owned by the seller.






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






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






21. The person to whom an offer is made.






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






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






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






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






26. An endorsement which designates the particular person to whom payment is to be made.






27. 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.






28. 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).






29. Laws enacted by local municipalities.






30. 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






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






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






33. The party making the assignment.






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






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






36. Stock reacquired by a corporation.






37. 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.






38. 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






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






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






41. Court hearing cases appealed from lower courts.






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






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






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






45. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






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






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






49. Stating an untrue fact.






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