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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 voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






2. 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.






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






4. 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.






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






6. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






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






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






10. Stock reacquired by a corporation.






11. Laws which are enacted by legislative bodies.






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






13. The contract existing between the consignor (shipper) and the carrier.






14. The party to whom the assignment is made.






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






16. The goods specified by the buyer and seller.






17. The person who executes any draft.






18. One who ships goods by common carrier.






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






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






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






22. One that is incorporated in a foreign country.






23. Stock with an assigned face vale.






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






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






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






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






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






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






30. The party making the assignment.






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






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

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33. Declared value of outstanding stock.






34. 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.






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






36. The person to whom an offer is made.






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






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






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






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






41. A person in possession of an instrument.






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






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






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






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






46. A criminal offense that is punishable by confinement in prison or by death.






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






48. A business owned by one person.






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






50. Canceling - annulling - avoiding.







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