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






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






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






4. 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






5. 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.






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






7. One in possession of commercial paper.






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






9. 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






10. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






11. A decision of a court.






12. All property which is not real property.






13. The contracting of services rather than goods.






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






15. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






16. A negotiable instrument containing a promise to pay.






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






18. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






19. Anything that may be owned.






20. To take into police custody.






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






22. Person who writes his or her name on back of instrument.






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






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






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






26. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






28. Power to act for someone else.






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






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






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






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






33. Stock that entitles owner vote.






34. 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.






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






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






37. Stock reacquired by a corporation.






38. Laws which seek to promote competition among businesses.






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






40. 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.






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






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






43. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






45. The party making the assignment.






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






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






48. A person in possession of an instrument.






49. Person who pretends to be a partner or permits others to represent him or her as a partner.






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







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