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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. An individual who takes no active part in the management of a business but has capital invested in the business.






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






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






4. 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.






5. A decision of a court.






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






7. A negotiable instrument containing a promise to pay.






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






9. Court hearing cases appealed from lower courts.






10. Stock that entitles owner vote.






11. 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.






12. 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.






13. One that is incorporated in a foreign country.






14. 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






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






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






17. 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.






18. 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.






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

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






21. Operates in the state that granted the charter.






22. Stock with an assigned face vale.






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






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






25. The individual who initiates a civil action.






26. Laws which seek to promote competition among businesses.






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






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






29. One in possession of commercial paper.






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






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






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






33. Stating an untrue fact.






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






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






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






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






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






39. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






41. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






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






44. Land and those objects permanently attached to land. Rejection refusal to accept.






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






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






47. 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.






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






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






50. An agreement of no legal effect.