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






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






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






4. 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.






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






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






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






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






9. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






10. The party to whom the assignment is made.






11. One who takes initial steps to form corporation.






12. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






13. Laws which are enacted by legislative bodies.






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

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15. The person - company - or financial institution ordered to pay a draft.






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






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






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






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






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






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






22. A written request initiating a civil suit.






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






24. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






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






27. The individual who initiates a civil action.






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






29. Stock that entitles owner vote.






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






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






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






33. One in possession of commercial paper.






34. An endorsement which limits the liability of the endorser.






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






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






37. An agreement to an offer resulting in a contract.






38. The party making the assignment.






39. Pretrial steps taken to learn the details of the case.






40. An agreement made and executed in satisfaction of the rights one has from a previous contract.






41. An agreement between two or more competent persons which is enforceable by law.






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






43. 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.






44. 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.






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






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






47. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






49. The person who executes any draft.






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