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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 party to whom any negotiable instrument is made payable.






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

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






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






5. An agreement of no legal effect.






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






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






9. Any contract other than a formal contract - whether written - oral or implied.






10. Stating an untrue fact.






11. Power to act for someone else.






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






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






14. 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.






15. The person who executes any draft.






16. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






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






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






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






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






23. One who ships goods by common carrier.






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






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






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






27. 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.






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






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






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






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






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






33. The necessity that the parties desiring to enter into contracts meet all requirements.






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






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






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

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37. Official document detailing a defendant's defense.






38. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






39. One authorized by the principal to execute specific acts.






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






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






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






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






44. Exceeding the maximum rate of interest which may be charged on loans.






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






46. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






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






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






50. The party making the assignment.