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






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






3. 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.






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






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






6. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






7. 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.






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






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






10. A business owned by one person.






11. Stock that entitles owner vote.






12. The party to whom any negotiable instrument is made payable.






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






17. 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






18. 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






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






20. Laws which are enacted by legislative bodies.






21. An agreement which is not in the form required by law.






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






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






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






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






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






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






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






29. The person who executes a promissory note.






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






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






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






33. 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.






34. Stock with an assigned face vale.






35. The party making the assignment.






36. 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.






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






38. 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






39. That consideration stipulated by contract - generally expressed in money or money's worth.






40. The person to whom an offer is made.






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






42. The party to whom the assignment is made.






43. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






46. A written request initiating a civil suit.






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






48. The individual who initiates a civil action.






49. A relationship of trust and confidence - such as that which exists between partners in a partnership.






50. 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.