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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 person who executes any draft.






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






3. 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.






4. Those goods which are not in existence at the time a contract is agreed to.






5. 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.






6. The person who executes a promissory note.






7. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






8. All property which is not real property.






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






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






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






12. The individual who initiates a civil action.






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






14. To take into police custody.






15. The authority of an agent - stated in the document or agreement creating the agency.






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






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






18. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






20. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






21. The party who gives up possession - but not title - of property in a bailment.






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






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






24. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






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






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






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






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






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






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






31. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






33. 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.






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






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






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






37. 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.






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






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






40. The party making the assignment.






41. One in possession of commercial paper.






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






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






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






45. A relationship of trust and confidence - such as that which exists between partners in a partnership.






46. 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.






47. One that is incorporated in a foreign country.






48. 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.






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






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