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






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






3. The person who executes any draft.






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






5. A person in possession of an instrument.






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






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






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

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9. 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.






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






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






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






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






14. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






15. Stock reacquired by a corporation.






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






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






18. The party making the assignment.






19. Partner active in a business unknown to the public.






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

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






22. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






23. 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.






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






25. Stating an untrue fact.






26. 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.






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






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






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






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






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






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






33. 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.






34. The contracting of services rather than goods.






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






36. Stock with an assigned face vale.






37. The act of transferring ownership of a negotiable instrument to another party.






38. Customs that have become recognized by the courts as binding on the community.






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






40. Those contracts in which the terms have not been completely executed or fulfilled.






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






42. To take into police custody.






43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






45. One in possession of commercial paper.






46. A contract which will be enforced by the court.






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






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






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






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







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Can you answer 50 questions in 15 minutes?


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