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






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






3. 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.






4. Movable tangible personal property.






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






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






7. A business owned by one person.






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






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






10. A person in possession of an instrument.






11. 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.






12. All property which is not real property.






13. The party to whom the assignment is made.






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






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






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






17. 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.






18. To take into police custody.






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






20. A means whereby one party conveys rights to another person who is not a party to the original contract.






21. Laws which are enacted by legislative bodies.






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






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






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






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






26. Laws which seek to promote competition among businesses.






27. 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.






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






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






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






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






32. One that is incorporated in a foreign country.






33. Stock reacquired by a corporation.






34. Laws enacted by local municipalities.






35. A decision of a court.






36. 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.






37. Stock that entitles owner vote.






38. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






39. The individual who initiates a civil action.






40. The goods specified by the buyer and seller.






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

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






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






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






45. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






46. An agreement of no legal effect.






47. Stating an untrue fact.






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






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






50. The repudiation of - or election to avoid - a voidable contract.