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






2. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






5. 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.






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






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






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






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






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






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






12. Designation that applies when a corporation operates in any state other __ than where it is chartered.






13. One who ships goods by common carrier.






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






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






16. 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.






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






18. 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.






19. An agreement of no legal effect.






20. Stating an untrue fact.






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






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






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






24. A business owned by one person.






25. 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.






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






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






28. A person in possession of an instrument.






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






30. A corporation formed to carry out government functions.






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






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






33. The individual who initiates a civil action.






34. Canceling - annulling - avoiding.






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






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






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






38. A contract remedy by which the court requires the breaching party to perform the contract.






39. Movable tangible personal property.






40. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






41. 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.






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






43. Stock that entitles owner vote.






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






45. One to whom goods are shipped by common carrier.






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






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






48. 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.






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






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