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






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






3. A written request initiating a civil suit.






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






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

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






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






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






10. A negotiable instrument containing a promise to pay.






11. An offense which is injurious to society as a whole.






12. Stock with an assigned face vale.






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






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






15. The person who executes a promissory note.






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






17. One in possession of commercial paper.






18. 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.






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






20. 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.






21. A business owned by one person.






22. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






23. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






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






26. 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.






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






28. Movable tangible personal property.






29. One who ships goods by common carrier.






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






31. The contracting of services rather than goods.






32. A document of conveyance that provides written evidence of one's title to tangible personal property.






33. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






35. One that is incorporated in a foreign country.






36. 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.






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






38. A judicial order or decree forbidding the performance of a certain act.






39. Power to act for someone else.






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






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






42. 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.






43. 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






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






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. Partner unknown to public with no part in management.






47. The party making the assignment.






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






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






50. The change of one of the parties to a contract at the mutual agreement of the original parties.







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