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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. Stock that entitles owner vote.






2. 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.






3. 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.






4. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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

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






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






8. A person in possession of an instrument.






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






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






11. 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.






12. 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






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






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






15. Pretrial steps taken to learn the details of the case.






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






17. The party to whom the assignment is made.






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






19. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






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






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






23. 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.






24. Court hearing cases appealed from lower courts.






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






26. An offense which is injurious to society as a whole.






27. Laws enacted by local municipalities.






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






29. 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.






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






31. To take into police custody.






32. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






34. A decision of a court.






35. Canceling - annulling - avoiding.






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






37. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






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






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






41. The person to whom an offer is made.






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






43. Stating an untrue fact.






44. 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.






45. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






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






49. Movable tangible personal property.






50. 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.